Frequently Asked Questions About Flood Insurance - Wells Fargo

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What’s flood insurance?

It covers damage to your home from flooding. It's only required if your home is in a Special Flood Hazard Area, which is determined by the Federal Emergency Management Agency (FEMA). Learn more about how flood insurance works.

Who determines if my house is in a Special Flood Hazard Area?

FEMA determines where the Special Flood Hazard Areas are. We’ll find out if your house is in one. If it is, we’ll let you know you need to have flood insurance. You can also contact FEMA, FloodSmart, or your local city or county government for more information or to confirm you’re in a Special Flood Hazard Area.

Can I purchase flood insurance even if it’s not required for me?

Yes. However, it can’t be paid out of your escrow account like it would if it was required. When you purchase it voluntarily, you'll pay the premium to your insurance company.

What are the coverage requirements for flood insurance?

Your flood insurance coverage has to be at least equal to the lowest of these options:

  • 100% of the estimated replacement cost value for your property
  • Combined outstanding balance of all loans and maximum line of credit limits
  • The maximum amount of coverage available under the National Flood Insurance Program (currently $250,000.00 for residential buildings)

Keep in mind that there are pros and cons to only getting the minimum amount of insurance required. If you only have the minimum amount required, it may not be enough to pay for all of the needed repairs after a flood. Be sure to discuss your flood insurance needs with your insurance company.

What do I have to send you to prove I have adequate insurance?

A copy of the declarations page of your insurance policy, which is usually the first page. It tells the amount of coverage for your home and gives us the details of your policy.

What if I don't have enough coverage?

We'll contact you if you don't have enough coverage. If you don't increase your coverage, we'll purchase a lender-placed insurance policy for you which may be more expensive and provide less coverage than insurance you purchase on your own.

Why did you give me lender-placed insurance?

We either didn’t receive proof of insurance or you don’t have enough coverage. If you don't have enough coverage, the lender-placed insurance policy covers the difference between what you have and the required amount.

How do I pay my flood insurance premiums?

If you’re required to have flood insurance, we’ll add the cost to your monthly mortgage payment. We’ll keep the funds in an escrow account for you and pay the insurance bills on your behalf when they’re due.

If you’re not required to have flood insurance and you purchased flood insurance voluntarily, you’ll have to pay the premiums to your insurance company when they’re due.

If I’m no longer in a Special Flood Hazard Area, how do I cancel my insurance?

If you’re no longer in one, we’ll let you know so you can call your insurance company and cancel your flood insurance policy.

Where can I find more information about flood insurance and flood zones?

You can visit these websites:

How do I file an insurance claim?

The first step is to contact your insurance company. Learn more about insurance claims and repairing your property.