How to Protect Your Property with Flood Insurance

Some lenders require homeowners to obtain a flood insurance policy. However, some do not. It generally depends on the risk of flooding around the home.

It’s time to understand the basics of flood insurance before making a decision that could cost you thousands in premiums or repairs.

What Is Flood Insurance? Flood insurance is a standalone insurance policy that covers damage caused by flooding. It covers building replacement costs and personal property losses.

Where Can I Get Flood Insurance? – Private insurance companies – National Flood Insurance Program (NFIP)

Private flood insurance is typically provided as a secondary policy on homes with a primary homeowner insurance policy.

When thinking about the cost of flood insurance, be sure to consider the costs of not having it. How much do you stand to lose if you don’t have flood insurance and you end up needing it?

If you don’t have a mortgage and live in a high-risk area, you aren’t required to carry flood insurance. But it would help if you thought about what that means.

Benefits of Flood Insurance It offers peace of mind and protection from catastrophic damage related to flooding. It saves you time and anxiety in the event of the unexpected.

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