Flood-related damage can be expensive — that’s why flood insurance is important. Flood insurance is required for any home located in a Special Flood Hazard Area. The Federal Emergency Management Agency (FEMA) determines where the Special Flood Hazard Areas are. Then, we find out if your property is in one. If it is, we’ll let you know so you can purchase a flood insurance policy. If your house isn’t in a Special Flood Hazard Area and you want to get flood insurance anyways, you can buy it through your insurance provider.

Coverage requirements

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.

Paying for flood insurance

If you’re required to have flood insurance, we’ll add the cost to your monthly mortgage payment. We’ll keep it in an escrow account until your flood insurance bills are due. Then we’ll use that money to pay the bills on your behalf.

If you purchased flood insurance voluntarily, you’ll make the payments to your insurance company.

Filing a claim

Start by contacting your insurance company.

Additional resources

For more information about flood insurance or to confirm you’re in a Special Flood Hazard Area, contact FEMA or FloodSmart.

These are the general steps we take for property insurance claims. Your individual situation may differ.

Step 1. Contact your insurance company if you have any property damage

Your first step is to contact your insurance company and file a claim with them. Find out when an adjustor will come and when to expect any claim checks.

Step 2. Call us at 1-866-596-2739 after you file a claim

We’ll provide you important details on how to process your claim check. We’ll discuss how Republic Bank will be involved in the process to restore your home.

Step 3. Endorse the insurance check and start the repair process

When you receive your insurance check, you’ll notice that Republic Bank is named on it. As the mortgage provider, we have a financial interest in ensuring your property is restored. Notify us as soon as you get your check, or visit our insurance claim check websites.

For most minor damages, we’ll endorse the insurance check to you to manage the repairs

Generally, if your home has only minor damages – and your loan is current – we won’t need to oversee the repair process. Instead, we’ll endorse the check completely to you to manage repairs. (Other conditions may apply.)

For significant damage, Republic Bank will help monitor the repairs to your home.

• 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).
   
• 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 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:
  FloodSmart
  FEMA
  
   
• How do I file an insurance claim? The first step is to contact your insurance company.