Flood Insurance Renewal - What To Check Every Year

Flood insurance is an essential safeguard for homeowners in flood-prone areas — and even those outside high-risk zones. However, your policy isn’t a “set it and forget it” deal. To make sure you stay fully protected, it’s crucial to review your flood insurance policy each year during renewal. Here’s what to check to avoid surprises and keep your coverage up to date.

1. Confirm Your Coverage Limits

Flood risks and home values can change over time. Verify that your dwelling coverage, personal property coverage, and other limits still reflect the current value of your home and belongings. Adjusting limits during renewal helps ensure adequate protection without overpaying.

2. Review Your Deductible

Your deductible affects how much you pay out-of-pocket before insurance kicks in. If your financial situation has changed, you might want to increase or decrease your deductible. Just remember, a lower deductible usually means higher premiums and vice versa.

3. Check for Changes in Flood Zones

FEMA periodically updates flood maps, which can affect your flood risk classification. If your property has moved into a higher or lower risk zone, your premiums and coverage requirements could change. Always review updated flood maps and understand how they impact your policy.

4. Confirm Your Property Details

Make sure your insurer has accurate information about your property’s size, construction materials, elevation, and any flood mitigation measures (like sump pumps or flood vents). Updates can influence your premium and coverage.

5. Update Personal Belongings Coverage

Have you purchased new valuable items, electronics, or furniture? Or disposed of older possessions? Your personal property coverage should reflect the current inventory to ensure you’re properly covered in case of flood damage.

6. Review Policy Exclusions and Conditions

Policies can change, so carefully read through any updates to terms, conditions, or exclusions. Being aware of what’s covered — and what isn’t — can prevent claim disputes later.

7. Evaluate Your Premiums and Discounts

Ask about any available discounts or adjustments. Installing flood mitigation systems or elevating your home may qualify you for premium reductions. Also, compare renewal quotes to make sure you’re getting competitive rates.

Why Annual Flood Insurance Review Matters

Flood risks evolve with climate changes, development, and natural events. Staying proactive with your flood insurance helps protect your home and finances from unexpected losses.

Mark your calendar for your policy renewal date. Use it as a reminder to review and update your flood insurance — or consult an insurance agent for expert advice.