Many people are under the common misconception that flood insurance is part of their regular homeowner’s policy. The horrible reality sets in during the first bad storm they go through.
Their house floods, and they have no way to replace their treasured belongings. If you don’t want to fall into the same trap, you’ll need to buy flood insurance.
There are a few things that you need to consider before you take out a policy, though. For example, you don’t need to be in a flood zone to buy the insurance, and the price you’ll pay varies depending on what corner of the world you live in.
Keep reading to learn more.
You Might Have to Buy Flood Insurance
If you live in an AE flood zone, you may have no choice but to talk to a flood insurance broker. There’s a good chance that having it will be required by your mortgage company.
Again, flood insurance is separate from homeowner’s insurance, so you’ll need to take out a separate policy. Depending on how high your flood risk is, you might have to pay an expensive premium.
Flood Insurance Coverage
What does flood insurance cover exactly? The answer is your clothing, carpeting, electronics, cabinets, bookcases, window treatments, home appliances, HVAC equipment, and more.
There is something that you need to keep in mind. Your insurance may not pay for one or more of the listed items, depending on how the flooding happened. If your insurance company determines that the flood occurred due to your negligence, you’ll be on your own.
The Cost of Flood Insurance
Flood insurance can cost up to 700 dollars per year. Depending on where you live, you might not have to pay quite as much. Most of the time, it’s cheaper for those who don’t live in a flood zone.
To get the best price, you’ll need to compare flood insurance quotes. Don’t go with the first company that offers you a deal.
You Don’t Have to Be in a Flood Zone to Buy Insurance
Even if you don’t live in a high-risk area, it’s still not a bad idea to find out where to buy flood insurance. As we said, it’s often cheaper when you don’t live in a flood zone.
There’s also the fact that every time it rains, there’s a potential for flooding. It’s better to be safe than sorry later when your home is underwater.
How Long Does It Take to Start Flood Insurance?
Don’t wait until the weatherman is calling for bad weather to get insurance. Your coverage will most likely take about 30 days to go into effect.
Go ahead and start shopping around while you’re looking for a homeowner’s insurance policy.
Prepare for Disaster With Flood Insurance
Don’t get caught in the same trap as other people. Buy flood insurance separately from your regular homeowner’s policy.
If you don’t live in a high-risk area, you may never have to use it, but it’s better to be prepared. For more tips that will help you plan for the worst, feel free to explore the rest of our blog.
