Most insurance policies cover a wide range of weather-related damages. Covering damages incurred by natural disasters is a standard part of homeowners insurance. However, most homeowners' insurance policies do not include coverage for flood damage.
Flood insurance is required if you want protection from rainstorms and other natural disasters that produce flooding.
Is Flood Insurance Included in Renters Insurance?
Personal property damage caused by flooding is not covered by renters insurance. The good news is that your renter's insurance policy does cover water damage caused by leaking pipes or appliances.
When You Are Required to Have Flood Insurance
It is possible that your lender may need flood insurance coverage. Flood insurance is required by the Federal Emergency Management Agency or FEMA if the lender is federally regulated or insured. If this is the case, then flood insurance will be mandatory.
When Flood Insurance Is Highly Recommended
Flood insurance is recommended if your home is in an area with a high risk of flooding. These are places where flooding occurs annually with a probability of 1% - 3%. But flooding does not only happen in high risk areas. There is still a chance that a flood could occur even if your residence is not near a big body of water. If you live close to a creek or a pond, for example, it may overflow and cause flooding on your property. If you live near a slope, stormwater may create flooding in your home.
How to Identify if You're in a Flooding Zone?
If your residence is located close to a body of water, you may be in a flood-prone area. Even if there is no visible body of water nearby, you may be in a floodplain or a region with inadequate storm drainage during a flood. Consult the FEMA Flood Map Service Center to determine your flood danger and risk. Flood risk is lowest in Zones B, C, and X. The V Zones exist along the coast, and they are the most dangerous. Additionally, the A Zones have a significant danger of flooding.
There are several other ways to determine your home's flood risk, such as doing a title search, or even asking your real estate agent.
Flood Insurance Costs
The price of flood insurance depends on various factors, including the flood risk of your property, what the policy covers, and the amount of coverage you purchase. You can purchase separate coverage for your home's structure and your goods. The cost of your policy is affected by the types of coverage you purchase and the limits you establish.
Before purchasing flood insurance coverage, it is highly advisable to obtain quotes from multiple competing insurers. This enables you to discover the best range of quality being offered at the most affordable price.
Understanding what is involved in flood insurance quotes is helpful when making these important decisions. The premiums for flood insurance vary depending on a variety of criteria, including:
The year your home was constructed.
The number of levels and rooms in the house
The number of floors
The location of your belongings
The flood risk in the area
The location of your first level in reference to the Ground Floor Elevation.
Flood Insurance Coverage in a Low-Risk Area
If you reside in a region with minimal risk of flooding, you may believe that purchasing flood insurance is unnecessary. This is understandable, but you must remember that flood damage is frequently severe, large, and very expensive. In other words, “minimal risk” is still a risk and you will need to decide whether you want to be the one to carry that possibility for severe damage.
Seek a Public Adjuster
A flood insurance coverage can be a good investment, depending on where your home is located and what you wish to protect. However, if you decide to make a purchase, you should obviously obtain the policy well before any oncoming weather calamity.
With all this being said, if you ever find yourself with flood damage and you have flood insurance that covers it, then a smart course of action is to seek a public adjuster.
A public adjuster is a professional who can do a thorough inspection of your property to figure out how much damage has occurred. Then they can review the complicated terms of your policy and work on your behalf with all the affected parties to get the best possible flood claim result.
Do not pursue your claim alone and carry this weight by yourself. Seek out a quality public adjuster today!
Contact us at 704-736-3683.