Many homeowners go without flood insurance. They figure the odds are low that anything will happen. Some people may think that a flood is covered under their current policy. Let us correct you; unless you have added the coverage, it is excluded. Some mortgage companies may even require flood insurance, depending on where your home is located.
Myths about flood insurance:
• It is expensive. Not true. Costs generally run around $500-$600 per year (homeowner), depending on location and home value.
• Flood insurance is for people who live by rivers. Not true. 1-4 flood claims come from homes not in flood plans.
• Water damage is water damage. Not true. While most policies cover water damage from rain, it excludes coverage from flooding or rising waters.
• If your home is in a flood zone, the National Flood Insurance Program (NFIP) offers coverage and we can help you secure affordable coverage.
Insurance is all about understanding risks, and not every homeowner is equally at risk for flood losses. Your risks depend on how close you live to rivers, streams, lakes or flood zones, or how well your home was built to withstand losses.
Your insurance isn’t something you think about until you need it, but it’s very important to get high-quality coverage for the things that mean most to you. Having an agent, you can trust will give you peace of mind and makes the whole process more enjoyable.