Did you know that floods are the second top natural disaster(behind tornados)? Very few places in the world are immune to getting floods.
Due to flooding concerns, it’s normal to wonder, is flood insurance worth it? In this article, you’ll get to explore the benefits behind flood insurance, and why you’ll want to obtain it. Read on to explore more about flood insurance, and see how it’ll protect you and your loved ones against damage costs.
Do I Need Flood Insurance?
When you’re determining whether you need flood insurance or not, you’ll want to know that even low-risk flood zones still have the potential to flood. Flood maps can change over time, and a low-risk can become high.
Check out FEMA’s flood maps to see where your home is as far as flooding. These maps are what helps mortgage companies decide whether flood insurance will be a requirement or not.
The Different Types of Flood Insurance
There are 2 types of flood insurance, private flood insurance, and the National Flood Insurance Program. private flood insurance is harder to find since only some insurers offer this option. These tend to cost more than the National Flood Insurance Program, but give you better coverage.
The National Flood Insurance Program is offered in many communities around the country. The options with this include personal property and building property coverage.
Personal property coverage can cover up to $100,000. Building property coverage means that it’ll cover your home if you need to replace or repair it up to a certain amount.
Which Type Should I Choose?
Depending on the area where you live, you might need both types of coverage. If you’re in a high-risk area, and your home is worth more than $250,000, it’s a good idea to explore both options.
If you decide to go with both you can choose the maximum amount for the NFIP policy and combine it with private insurance.
1. Protects Property
When you’re exploring flood insurance benefits, you’ll notice that it’ll protect your property. Don’t forego flood insurance and wish that your home is protected.
Don’t be one of the homeowners who think that your homeowner’s insurance will cover floods. This is not always true. If you’re not sure, you can check your insurance policy.
2. Increase Your Home’s Value
Even if you’re outside of the flood insurance requirement, it’s a good idea to obtain flood insurance. This can raise the value of your home. This can also encourage others to do the same, and protect their property.
3. Not Just for Homeowners
Some are under the impression that you can only protect your home with flood insurance. You can protect your condo, townhome, business, and even apartment. No matter where you live you can reach out to an insurance agent for more information.
Answering the Question To, Is Flood Insurance Worth It?
Now that you’ve answered the question to, is flood insurance worth it, you should be able to decide if it’s right for you. Would you like to read more about homes? For everything from renovation to ideas around the home, check out our other articles today.