Just because you live in an area that hasn’t experienced a flood in several years doesn’t mean you don’t need some type of homeowners flood insurance. If you live on top of a mountain, you probably don’t need this type of insurance. If you’re not sure if you need flood insurance, it might be a good idea to check out some of these reasons why you may need to get one.
The first thing to determine is whether or not you and your home are in a floodplain. Sometimes it’s not always easy to tell if you live in a floodplain. In many cases, it is determined by how close your home is to the nearest body of water, which is typically a lake or river. One thing many people don’t consider is how quickly a small stream or drainage can flood or if they live many miles downstream from a dam that can greatly expand the known floodplain. Many communities and states have specific criteria for what constitutes a floodplain and will tell you if your home would need flood insurance.
One important thing to remember is that your standard homeowners insurance typically does not cover flood damage. Water damage requires flood insurance, and if your home’s foundation, interior walls, and contents are damaged in a flood, if you don’t have flood insurance, you may need to cover these losses from his pocket.
If you live in a floodplain, having flood insurance will help alleviate any stress you may have if your home floods. Most insurance is bought in the hope that it will never be needed. But if disaster strikes, you can help replace your loss and prevent personal financial disaster.
If you need more information about flood insurance and whether or not you may need it, a visit to your local insurance agent will go a long way in answering your questions.
