Do I Need Flood Insurance?
Flood insurance is a specialized insurance that you have to purchase
separately. About 20 to 25 percent of the claims come from medium to low
flood-risk areas so it is not just the high-risk areas that are threatened.
These happen due to ground getting over-saturated with water that has no place
to go or by ponds, lakes or rivers overflowing. So floods can also threaten
these homes on high ground because the floods can spread for miles and leave
thick mud and debris behind.
The federal government will assist you, but not in the way you might think. They
will help you only if the president of the United States declares your area a
natural disaster. The federal government assistance is in a form of a loan and
they will expect it to be paid back in full plus interest.
Flood insurance might seem expensive unless you consider the federal government
disaster loan that would have to be repaid and the how valuable your home is to
you. Flood insurance then doesn't seem like an expensive expenditure but an
investment.
Flood insurance is not automatically included in your homeowner's policy. A
specialized policy or rider will be needed to cover these flood damages. Most of
the home insurance companies are able to sell this coverage to you if you
request it. Be sure to check with your insurer to see what they have to offer
you to protect you and your precious home and belongings from the damages of a
flood. There are also some specialized
Flood Insurance Companies out there.
If you're looking for Free Flood Insurance Quotes there's a great website dedicated to them. Check it out!