Unfortunately flooding can happen to anyone, resulting in devastating, financial ruin to your home, regardless of where you live. However, most people think if they reside in an area not designated as a “flood zone” they are immune from flood disasters. Flooding does not discriminate so it’s vital you are aware of some important facts about flood coverage to ensure safety and protection of your home.
Everyone Is at Risk
Imagine buying your dream home in an area that is clearly out of a flood zone, so the thought of purchasing flood insurance never entered your mind. However, a flood did ensue, causing astronomical damage to your home and after learning your N.C. homeowners insurance policy excludes flood damage, you are now left holding the debt of over $75,000 worth of damages. Will you be able to pay for these damages out of pocket? Everyone is at a risk for flooding, so familiarize yourself with some key things you need to know about flood insurance protection.
Flood insurance requires a separate policy- Many people think their N.C. homeowner policy covers damages caused from floods, but it is excluded and requires a totally separate insurance policy through the National Flood Insurance Program. Your N.C. independent insurance agent can assist you and answer any questions you may have regarding flood protection for your home.
Flood insurance may be required- Some lenders, depending on the location of your home, may mandate flood insurance before they will finance your home. Keep in mind if you own your home, then it is entirely up to you whether you wish to carry a flood insurance policy. It is always recommended you discuss this with your N.C. independent insurance agent.
Flood insurance costs may vary- Obviously, if you live in a clearly designated flood zone, your insurance rates will be higher than someone who doesn’t.
Flood insurance is not just for coastal areas- Coastal areas are not the only places subject to flooding. Those high-zoned flood areas may be more conducive to flood damages, but remember any area can be susceptible.
Flood insurance coverage may vary- When it comes to purchasing a flood insurance policy, know what you are buying. Make sure you discuss all of the policies conditions, coverage amounts, provisions, and exclusions with your N.C. independent insurance agent.
Your Peace of Mind is Worth It
Flood insurance may be more affordable than you think and the cost may provide peace of mind knowing that your home and all of its valuables will be protected should a flood target your home. Feel free to contact us TODAY at 866-869-3335 with any and all of your questions regarding flood damage and insurance.