Do I Need Flood Insurance Coverage

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Post by: farmersdev
Publish: 08.01.2011

Even if your home has not flooded in the recent years, it does not mean there are no chances of inundation in the future. Too much rain even from an average storm can  cause localized flooding.  And you do not have to be located near a body of water to risk flooding. The Federal Emergency Management Agency claims everyone lives in a flood zone, with the only difference being in the severity of the risk zones . If you do not have Flood Insurance coverage, you will be responsible for damages caused due to flooding because flood damages are not included in homeowners policies. Thus, the need to find affordable  Flood Insurance coverage arises.

Flood Insurance is essential to safeguard your home and assets against sudden flooding. Even a few inches of water can destroy furniture, electronics, and precious keepsakes.

Flood Insurance coverage becomes even more important if you live in a flood plain area, as flooding is more recurrent in such areas, and damage may occur more frequently. Even low risk flood areas might experience unexpected flooding, and your homeowner’s insurance policy may not cover damage due to inundation. Other damages associated with floods include mold or mildew damage, which can be costly if there is no Flood Insurance policy.

It is thus important to maintain a Flood Insurance policy to cover flood damage repair costs. This is particularly beneficial for underwater homes, which might need extensive repairs following severe flooding, as the policy covers costs associated with flooding and might involve deductibles and even costs beyond the deductible.

Flood Insurance Policy Premium

Premiums for such policies are often determined by the risk level of the area. Premiums for higher risk homes are higher than that for lower risk ones. Before buying a house, it is important to determine whether it is at severe, high, low, or other levels of flood risk, since this can impact the level of insurance and premiums. In this regard, you may request the lender to re-evaluate the flood risk to the home before finally buying flood insurance or securing the mortgage.

If you are under the impression that your basic homeowner insurance policy includes flood insurance, you are mistaken. Since homeowners insurance typically does not cover flood damage. Moreover, it can be devastating in the event of a disaster to discover that your home is not insured.

Flood insurance offers protection for your belongings in the event of a flood. Most Flood Insurance policies cover the basic structure of a house, while others cover the flooring repair and replacement, carpeting, and heating and air conditioning units.

Flooding in the United States

Floods happen in all 50 states , including desert areas, and can be caused by severe downpour, excessive rain, sudden water runoff, or snow melt. Each year, floods threaten to inundate several areas in the country, placing thousands of Americans in a troubling situation. Some families are left to pay for all the damage to their property and belongings in the event of a flood, because they do not have Flood Insurance coverage. Some Americans feel that flood insurance isn’t worth the price. But remember, the cost of Flood Insurance is marginal compared to the cost involved in rebuilding a home. If you want to save hundreds of thousands of your dollars , buy Flood Insurance coverage today! And why not buy Flood Insurance from ?

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