What Is Flood Insurance?
Flood Insurance by definition is additional coverage a property owner purchases to protect their property from rising water that enters the property or damages in some way. The key point here is ‘additional’. Many property owners assume the homeowner’s policy they purchase when they buy a property covers any loss including a flood. This just simply isn’t the case.
How Can I Check To See If My Property is in a Flood Zone?
You can simply access the FEMA Flood Map Service and search by your property address. If you’d rather we help you determine, simply give us a call, we’d be happy to assist you.
Why Should I Have Flood Insurance?
Your homeowner’s or renter’s policy doesn’t cover in the event of a flood. Your policy includes coverages such as fire, theft, vandalism, and an array of other coverages. However, flood is specifically excluded and no coverage is provided by your insurance company.
We find often that property owners think they should only have flood insurance if their mortgage company requires them to have it to satisfy their loan. Oftentimes in this case the flood insurance policy they purchase simply covers the finance company’s interest, the amount to repay the loan vs. what it would cost to actually replace the property. Also, in most cases, the policy only provides enough personal property coverage to replace the appliances and doesn’t account for the property owner’s personal property or other coverages that would be needed in the event your property is destroyed by a flood.
How Do I Buy Flood Insurance?
All property owners, homeowners, renters, condo owners are all eligible to purchase flood insurance through the National Flood Insurance Program (NFIP). We advise you to speak with one of our licensed agents to assist you in determining adequate coverage for you.