At Anderson Insurance Group, there are three options for your Utah Flood Insurance Coverage:
1 – Utah Private Flood Insurance for conventional backed mortgage loans backed by Palomar Specialty Flood Guard program from $190.00 per year. Coverage is similar to the flood coverage offered by the government backed FEMA insurance program. See information below for details. Private flood insurance will not meet the requirements of a federally backed or FHA loan.
2 – Utah Flood Insurance through NFIP – the National Flood Insurance Program for Federally backed or guaranteed loans. Utah NFIP flood insurance can be very expensive and is required when your loan is an FHA or federally backed loan. FEMA flood coverage will NOT cover items in a basement and the definition of a flood is when three consecutive properties are inundated with three inches or more of water, not something we see often here in Utah. NFIP Utah Flood Insurance will meet loan requirements of FHA and federally backed loans but is more expensive than private flood insurance.
3 – Utah Inland Flood Coverage from Auto Owners Insurance: Auto Owners has introduced a new and exclusive Utah Flood Insurance coverage that will cover Basement Personal Property, something not covered under the NFIP program. Limits are more inline with what a Utah homeowner in a low to moderate Utah flood zone needs. In most cases, the premium will be lower than in the NFIP program and the definition of a flood is much broader and will cover when inland waters such as streams or rivers overflow and cover normally dry land. It could also occur when there is unusual rain accumulation or surface water from snowmelt. Please refer to the Auto Owners Inland Flood Coverage form for full details of the coverage. Auto Owners Utah Flood Insurance will not satisfy loan closing requirements.
Whatever the risk for flood insurance protection in Utah, Anderson Insurance Group is here to help. Call us at 801-262-1551 and we can advise which flood insurance program will meet the needs of your lender and provide the flood insurance protection for your property.
***Legal Disclaimer: Please refer to your flood insurance policy for Utah flood insurance definitions and coverage limitations. Flood insurance definitions vary by policy form and by company and are not intended to cover every type of flood or water damage that may occur to your property.