30-day waiting period means the time to be ready for next storm is now
LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr today released the following statement asking Arkansans to take into consideration the damage caused by Hurricane Matthew and consider it a call to look into purchasing flood insurance to protect themselves and their property:
“I have reached out to my fellow insurance commissioners in the affected states to communicate our thoughts for their safety and to see if there is any way we can assist them once the storm passes. I am asking Arkansans as they see the pictures of damage to consider what steps they have taken to protect their property in a disaster, and that includes purchasing flood insurance if they do not already have it. The next severe weather event in Arkansas is always on the horizon and, because of the 30-day waiting period before a newly purchased flood policy takes effect, you should buy a policy today—ahead of the next storm.”
Floods are not covered on a typical homeowners or renter’s policy. Flood insurance can be obtained via the National Flood Insurance Program (NFIP) through the Federal Emergency Management Agency (FEMA). Arkansans should visit http://FloodSmart.gov to determine whether their community participates in the NFIP, and to find an agent.
Kerr offered these reminders for Arkansans when they start looking to protect their property with flood insurance:
- Flood damage is not typically covered by a homeowner’s insurance policy.
- Typically, there is a 30-day waiting period from date of purchase before your flood insurance policy goes into effect.
- You can get flood insurance nationwide.
- You can get flood insurance if you live in a floodplain or high-flood-risk area.
- You can get flood insurance if you live outside a floodplain or a lower-risk area—and at a lower cost.
- You can get flood insurance if your property has been flooded before.
- You can get flood insurance from insurance agents in your area.
- You can buy flood insurance even if your mortgage broker doesn’t require it.