Things to Know About Flood Insurance

Floods can be devastating. If you own a home in an area with frequent floods, then that’s a good reason to purchase flood insurance. Coverage pays for damages to your home and your surrounding property in the event of a flood. The additional coverage is needed because a typical homeowner’s policy doesn’t include flood coverage. A homeowner must purchase insurance that specifically offers flood coverage.

A Smart Move for Homeowners

Flood coverage is recommended if you live in an area where serious flooding occurs more than once every few years. Coverage is often mandatory in areas at high risk for flood in the United States. The coastal areas of Florida are a perfect example. Mortgage lenders and banks require homeowners to maintain flood insurance until the loan is paid. Even after the loan is paid coverage is a good idea. In many cases, homeowners living in flood prone areas are ineligible for federal assistance help following a flood.

Flood insurance is simple. You choose the type of coverage you want, and then your annual premiums are calculated. Based on your policy, you simply file a claim with the insurance agency if flooding occurs. If your claim is approved, then you will receive a check to help pay for repairs or whatever you choose to do with the payment.

Flood insurance is an added expense, but worth the trouble if you live in a flood zone. Floodwaters can wreak havoc, and it doesn’t even need to be a lot of water. Damage from a flood can require expensive repairs. With flood insurance, you can get the help you need.