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Consumer Alert: Flood Insurance

Commissioner Miller is informing consumers that there are options available for purchasing flood insurance in addition to the federal National Flood Insurance Program (NFIP). Flood damage can happen no matter where your home or business is located.

It is important to note that a standard homeowners or renters insurance policy does not cover damage sustained in a flood. And, if you purchase a flood policy, there may be a waiting period for your policy to take effect.

Consumers should also consider the type of coverage that they need. There are two types of flood insurance policies: dwelling and contents. Dwelling policies cover the structure of your home, while contents policies cover your personal property within the dwelling.

Flood insurance has traditionally only been available for purchase through the NFIP, but today, there are more options to consider.

Consumers can now purchase flood insurance through the private market. They may do so through Pennsylvania-licensed insurers, or through surplus lines carriers.

Surplus lines insurance is coverage sold by insurers licensed in other states or countries, but not in the state where the person buying the insurance lives – Pennsylvania in this case.  However, agents who sell surplus lines insurance here must be licensed in Pennsylvania and the transaction is still subject to our insurance laws.

For more information, visit our Flood Insurance page.