Flood Insurance in North Dakota

Rebuilding a home in North Dakota after a flooding event is never easy without flood insurance. Floods can cause costly damage to your home and other commercial properties. Unfortunately, most people don't know that their home insurance does not cover floods and deals with losses amounting to millions.

At Kramer Agency, we help you learn more about flood insurance and find a policy that fits your needs. Our agents in Bismarck, ND can assist you with your questions.

Flood insurance basics

Flood insurance is a type of property insurance designed to cover physical damage to your home and personal belongings. Flood insurance policies are available for all North Dakota residential and commercial properties. You can buy flood insurance from the National Flood Insurance Program through private insurers like Kramer Agency. The government sets the rates based on an NFIP-designated flood zone. Your property can either be in a low-risk, moderate, or high-risk area.

How flood insurance works

Unlike most basic policies, flood insurance focuses on one area--your home. However, the payment terms and claim filing process work like most policies. When you file a claim, your insurance company will repair the damaged areas and replace damaged items like carpets, furniture, and electronics.

It's also crucial to note that your mortgage lender may require you to have flood insurance if you buy a home in a high-risk flood area. Flood insurance comes with a 30-day waiting period, which is why we recommend purchasing the policy early in advance to avoid out-of-pocket costs.

How much flood insurance should you get?

This is a pretty common question among many North Dakota residents, as flood insurance only covers the dwelling and the contents. The answer is as simple as it looks. Calculate the value of your belongings and add that amount to the cost of rebuilding your home based on the local cost of labor and materials.

For more information about flood insurance and other policies, please feel free to call Kramer Agency, and we will be happy to help.