However, you can often cut your wait time by choosing a private market flood policy. In lower-risk areas, a 30-day wait may not be a big concern. Some private market insurers offer a shorter waiting period, which means your home can be protected sooner. In flood-prone areas of New Jersey, a month is a long time. The National Flood Insurance Program requires a 30-day waiting period before your coverage takes effect. Is there a waiting period for flood insurance in NJ The flood experts at Coastal Insurance can guide you through your options so you can choose the best flood insurance package for your NJ home. In some cases, it may make sense to pair your coverage with an excess policy or explore coverage with private market insurers. For example, NFIP policies may have coverage gaps - particularly for high-value homes or homes with valuables. But it’s important to choose the right policy. Just as importantly, your flood policy can protect your belongings as well. Your home insurance policy can protect your home if you have a burst pipe or an accidental water overflow, but it can’t help if the water in your home came from an overland flood.Ī flood insurance policy protects your home against overland floodingas well as some related risks. Your flood policy protects your home against specific flooding risks that standard home insurance policies don’t cover. In some ways, you can think of your flood policy as an extension of your home insurance coverage. This makes choosing the right flood coverage a wise choice that won’t break your budget. The good news is that flood insurance rates are even more affordable for areas with a lower risk of flooding. Your home is a significant investment and standard home insurance policies don’t offer coverage for flood-related damage. However, even when lenders don’t require flood coverage, buying a policy is often a wise choice. Flanked by the Atlantic and Hudson on the East and the Delaware Bay and Delaware River to the South and West, NJ is a water lover’s paradise, but the state also faces many flood risks. Some areas face greater risks from surge, while others face greater risks from rising water. New Jersey’s 130-mile coastline only tells part of the story, particularly since much of the coast is lined by barrier islands backed by bays and marshlands. The team at Coastal Insurance can help you sort out the details and be sure your policy complies with lender requirements. Now that more insurers have entered the flood insurance market, it’s also important to be sure your flood policy is accepted by your lender. Typically, if you have a home in a high-risk area for flooding, your mortgage lender requires a flood policy. Coastal Insurance can help you assemble the best flood protection package. Your home’s location can be a factor in choosing coverage but it’s also essential to consider the best way to protect your home overall - including high-value homes. Just reach out to learn more and compare quotes customized for your New Jersey home. From Strathmere, gracing Cape May County’s scenic shoreline, to Tenafly, overlooking the historic Hudson, you can count on us to help you get the right flood coverage. You can count on the flood insurance experts at Coastal Insurance to guide you through your options and help you understand how your coverage can better protect your NJ home. However, a number of companies have started offering private market coverage and, in many cases, these policies may be more affordable or may offer broader coverage. Here’s what you’ll need to know about flood insurance in NJ.Ĭompare Flood Insurance Options in New Jerseyįor years, the National Flood Insurance Program (NFIP) was the primary way of insuring NJ homes against flooding. Coastal Insurance can help you choose the right coverage to protect your home. With nearly 50 inches of rain each year and 130 miles of coastline, flooding can be a big risk in New Jersey. You can’t earn the nickname of the Garden State without a little rain to feed those gardens.
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