1.
Flood
is never covered by a homeowners policy.
2.
You
must buy flood insurance to be covered for flooding.
3.
“I
don’t need flood insurance because the government will buy me out or help me to
rebuild.” NOT TRUE! The government may help you with temporary housing, food,
clothing and medical assistance and they may assist you with a low interest
loan so you can rebuild but they are not going to rebuild for you.
4.
“If
my home is damaged or destroyed my mortgage will be forgiven by the lender.”
NOT TRUE!
5.
“I
don’t need flood insurance because I am not in a flood zone.” NOT TRUE! Everyone
everywhere is in a flood zone. The difference among flood zones is the amount
of risk for flooding.
6.
“Flood
Insurance is too expensive” MAYBE – MAYBE NOT! If your home was built according
to standards for flooding within its flood zone the cost can be very
reasonable. If your home is located in a “preferred risk flood zone” the
government will subsidize your insurance rates. However, if your home was built
before flood standards or built without regard to flood rules the cost can be
very expensive.
7.
“I’m
going to shop around for the best rate” All federally backed flood insurance is
the same premium whether you buy direct or through an agent. The NFIP sets the
annual premium.
The
decision to buy flood insurance should be up to you to decide unless you have a
mortgage and your lender requires you to have flood insurance. If you don’t buy
flood insurance and your home is destroyed by a flood that was a calculated
risk that you took. What is important is that you know that flood insurance is
not included in your homeowners insurance. Flood insurance is readily available
for purchase. If you have questions about flood insurance you can go directly
to the NFIP website at www.floodsmart.gov
this is a terrific site with loads of information about flooding. However, if
you want real information specific to your home talk to your insurance agent.
Your agent can get your exact flood zone and determine the amount of insurance
needed and the cost. If you would like more information you can
contact me at (805)238-1818.
Homeowners insurance coverage defends anyone via fiscal loss due to thunder or
ReplyDeletewind storms, fire, fraud, along with situations outlined as part of your policy.
Holding the correct number of insurance coverage is crucial in order to shielding
your current family members in addition to possessions.
Nice post! The decision to buy floodInsurance should be up to you to decide unless you have a mortgage and your lender requires you to have flood insurance. If you don’t buy flood insurance and your home is destroyed by a flood that was a calculated risk that you took. What is important is that you know that flood insurance is not included in your homeowners insurance
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