With the flooding events that occurred over the last week and are still in progress, flood insurance may be on your mind. It is important to remember that Homeowners Insurance doesn’t cover flood damage. You will need a separate policy for flood protection.

If you are a home or condo owner, you will need to purchase both building (if you own the unit or home) and contents coverage. If you are renter, it is wise to purchase contents coverage. It
usually takes 30 days for a policy to take effect, so it is important to plan ahead and not wait until there is a threat. When you file a claim, you will be reimbursed for either replacement cost or actual cash value. It is important to understand what your policy states so you can be sure you are protected in the event of a loss.

While you may not be required to purchase flood insurance by your mortgage lender, it is important to note that every state in the country has flooded in the last 5 years. Flood insurance can be very affordable and is definitely a relief to those who encounter a flood. If you would like to determine your flood risk, click here.

The government offers an insurance program that we can assist you with. You can learn about The National Flood Insurance Program here. You may have heard that the governement offers assistance in the event of a declared state of emergency. While that may happen, it is typically offered in the form of loan that will be paid back along with your mortgage. It is better to be prepared with a flood insurance policy. We can help you make the right decision about flood insurance.
Give us a call today at 504-368-4264.