Flooding has caused a lot of problems across the country especially recently in areas like St. Louis and Kansas City Missouri. All the flooding has caused people to think what flood insurance options are available in Missouri?
Well lets talk about that a little bit. When it comes to flood insurance in Saint Louis or Kansas City Missouri you have a copy of different options. You can go through the National Flood Insurance Program or the private flood insurance market. The flood insurance options will depend what type of loan you have on your property in Kansas City or Saint Louis. For example lets say you have a government loan like an FHA, VA, or USDA loan then more than likely you are going to have to go through the National Flood Insurance Program.
Once you get in these program there are still some different options available to you. Let's say this is a new purchase then the first think you want to look at is to see if there is currently a National Flood Insurance Program policy in place. If there is you maybe able to do a policy transfer or policy assumption. If not you may still be able to get a policy grandfathered if you can show that the house was built to compliance.
Now lets talk about if you are doing a non government loan this would be like a traditional conventional loan through a bank, credit union, or other financial institution. If this is the case then you should be able to go to the private flood insurance market. The private market works a little bit different because it provides alot higher amounts of coverage than the National Flood Insurance Program does. The pricing can also be 50% less in many situations. You will also want to check with your bank to make sure they will accept this type of flood insurance.
Now that we know the two types of flood insurance options, lets discuss how you can get more information. You can visit our website Flood Insurance Guru to learn more. You can also subscribe to our YouTube channel or like our Facebook page where we do daily flood education videos. You can also click the button below to get more information from us. Remember we have an educational background in flood mitigation so we can help you understand your flood risks, flood insurance, and help you mitigate your home long term.