I just got back from my first camping trip with my family. We recently decided to get a camper to make as many memories with our 4 year old daughter Lydia as possible.

I travel the country shooting our flood education videos and this was a way for them to come along.

My dad was an eagle scout but I only had the opportunity to go camping as a boy scout once when I was a child. I found it funny as a kid my dad was the only one wearing khakis and a dress shirt on the camping trip. Boy was he along way removed from his eagle scout days.

Geeky hipster holding an abacus against desk

Being a physicist he didn't do much with the outdoors as an adult. By the time I came along my grandparents were older and I didn't get the same experiences with the outdoors like my brothers did. I remember as kids they would go off to camp for a week. I looked forward to that but when it was my turn the camp had closed.

So as you can imagine this camping trip was filled with lots of learning experiences for me and my wife. If it wasn't for my experienced brother in law Jason it probably would have been an epic failure.

It was my first time sleeping in a camper, it was my first time learning how to manage the waste tanks. That was a learning experience.

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It was even my first time using a bath house. 

Old barn and outhouse at Millbrook Village, at Delaware Water Gap National Recreational Area, New Jersey.

My wife said do you have shower shoes? 

I said what are shower shoes?

Confused. Portrait young man thinking daydreaming trying to remember something scratching head isolated white background. Negative emotion facial expressions feelings. Short term memory loss, failure

She said you can't walk in the bath house bare footed. Many times we don't know the answer to the question until it's time for the question. As you can imagine I had lots of questions when it came to camping.

Like many people who have a question I went to Youtube to get my camping questions answered.

Getting camping questions answered can be much easier than getting flood insurance questions answered sometimes.

So today's question has probably been asked 100 times to me over the years.

Can You Buy Flood Insurance During Hurricane Season?

So can you?

You can buy flood insurance during any season. You might be limited to what options are available. Let's look at the National Flood Insurance Program first. The National Flood Insurance Program generally does not limit you to when you can buy flood insurance. They do put a 30 day wait period on a policy being effective unless it is for a map change or loan closing.

So what about private flood insurance?

You can still buy private flood insurance during hurricane season, but they may have more limitations. Private flood insurance carriers will put moratoriums in place many times when there is a named storm in the Gulf or Atlantic ocean. Generally they will remove this moratorium once the storm has passed and any flooding has stopped.

It's important to remember that like the National Flood Insurance Program private flood also has a wait period. This wait period generally ranged from 5 to 15 days unless its for a loan closing.

Even though you may have a loan closing a moratorium could still stop you from getting flood insurance in place.

So its important that you understand what options are available, what the wait periods are, and that you can get flood insurance during hurricane season.

So if you have questions about getting flood insurance during hurricane season then make sure to visit our website. You can also check out our YouTube channel or Facebook page where we do daily flood education videos.

 

Chris Greene

Author

Chris Greene

President of The Flood Insurance Guru
M.S. in Emergency Management with a focus in Flood Mitigation
flood@communityfirstagency.com

There are certain insurance companies out there that offer certain benefits to military members. In order to get access to these companies you either had to have served in the military, be a child of a member, or have a parent who is member. It's important to know that the military states these companies are not endorsed or affiliated with them.

It's great that companies like this can offer great benefits to those who have served our country.

The things these companies offer like many companies is flood insurance through the National Flood Insurance Program. Even though these policies are available to any body since this is a government program, these companies only allow their members to get coverage through them.

So in this episode of the podcast we discuss three areas of concern when it comes to doing this.

 

  1. Policy transfers
  2. Grandfathered policies
  3. Newly mapped flood policies

 

Policy Transfers

Let's look at policy transfers or policy assumptions first. These are policies that are transferred from one buyer to the next. If you have watched our videos, read our blogs, or even listened to our podcast then you know that these can be very beneficial for a few reasons.

  1. They can lock in current rate which may no longer be available
  2. New policyholder may not owe a payment until renewal

The problem with military insurance companies is they only allow those who qualify for membership to take advantage of this on their policies. As you can imagine if you are selling your home this could create a major problem. The new buyer maybe required to take out a new policy with the National Flood Insurance Program if they do not qualify.

This could be the difference between a $500 policy and a $2500 policy.

So what can you do?

Well if you are even thinking about selling your home then you want to make sure to rollover your policy to another write your own carrier before your next renewal.

Need help finding a carrier?

Click here to have us match you with one.

Once this policy has been rolled over to another carrier it will allow for a smooth process on doing any policy transfers.

So what about grandfather policies?

Grandfathered Flood Insurance Policies

These have a similar process to policy transfers. However you are not assigning the policy to a new buyer. You are simply rolling it over to a new carrier so if you decide to do a policy transfer one day the option is available.

The last area of concern that we want to discuss are newly mapped policies.

New Mapped Flood Insurance Policies

Remember this is generally when your property has been moved from a non mandatory flood zone to mandatory flood zone. You are basically given preferred rates the first year and then steady increases each year after that until the premium matches the risk. In 2020 many of these properties are looking at up to 25% rate increases.

So how do newly mapped policies impact you if you have it with a military insurance company?

Well initially there may not be much impact until you try to assign this policy to someone else. This is when most people hit the brick wall and many real estate transactions fall apart.

It's also important to understand that at this point in 2020 these military insurance companies do not offer a private flood insurance option. This means if you have your policy through them you could be limiting your coverages and missing out on savings of up to 50%.

Maybe you have more questions about having your flood insurance through a military insurance company or if its the best fit for you? Make sure to visit our website or check out our daily flood education videos on our YouTube channel.

Chris Greene

Author

Chris Greene

President of The Flood Insurance Guru
M.S. in Emergency Management with a focus in Flood Mitigation
flood@communityfirstagency.com