If you are concerned about your home or business sustaining damage from a flood in Parkersburg, WV, you should consider purchasing a flood insurance policy. You have two main options: obtaining a federal National Flood Insurance Program (NFIP) policy or one from a private insurance company. Curtis Miller Insurance can help you decide which type of flood insurance works best for your situation.

Federal Flood Insurance (NFIP)

Federally-backed policies provide some people with a sense of security because claims are backed by the United States government. NFIP policies have fixed limits set by the Federal Emergency Management Agency (FEMA). Coverage limits are standardized at up to $250,000 for buildings and $100,000 for contents. FEMA policies have a 30-day waiting period before they become effective, so you need to anticipate your risk in advance. Premiums can be higher in areas with greater flood risk, and if you drop an NFIP policy, you may face higher rates from other insurance companies.

Private Flood Insurance

Private insurance companies offer more flexible and customizable coverage. These policies can provide higher coverage limits than FEMA policies, making them a more comprehensive option for homeowners and business owners. With private insurance, you can tailor your coverage to include options such as replacement cost coverage for contents, temporary living expenses, and pool repair. Many private policies have shorter waiting periods before they become effective, and some even offer immediate coverage. Additionally, private policies often offer more competitive pricing, potentially resulting in lower premiums.

Which Should You Choose?

FEMA insurance is a good choice if you want stable, affordable premiums backed by the federal government. Private insurance is ideal for those who need more comprehensive benefits and a shorter waiting period.

Curtis Miller Insurance, serving Parkersburg, WV, can help you decide which flood insurance option best meets your needs. Contact our office today to get started.