Flood insurance

Flood Insurance

Flood Insurance

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Do you need flood insurance?

Did you know that your homeowners insurance does not cover flood damage? The Federal Emergency Management Agency’s (FEMA) maps are important when it comes to flood insurance because if they show whether or not your home sits in a 100-year flood plain. If it does,  you must buy federal flood insurance in order to get a mortgage. If you live outside a high-risk zone, or if you no longer have a mortgage, flood insurance is optional, but it still may be a good idea to obtain a policy.

What does it cover?

Flood insurance provides protection for destruction and financial devastation caused by floods. Although it may not seem like much even a few inches of water can cause serious damage, it can result in thousands of dollars in repair and restoration costs. Homeowners insurance does not cover floods., so if you do not have a flood policy, you may be stuck footing that bill.

Preferred Risk Policies

If your home is in a low/moderate risk zone, your home may qualify for a low-cost preferred risk policy. A preferred risk policy will protect your home and its contents if you are affected by a small flood or a larger flood that has extended into your low-risk area. In truth, many flood insurance claims occur in low-to-moderate risk areas.

Standard Policies

If you live in a neighborhood that participates in the National Flood Insurance Program (NFIP), your building and its contents can be covered by a standard flood insurance policy. To be considered a flood, the waters must cover at least two acres or affect at least two properties. You must apply for building coverage and contents coverage separately if you choose to invest in a standard flood insurance policy.

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