What Is Flood Insurance? Should I Buy It?

While most homeowners insurance policies cover fire damage, very few include flood insurance. In fact, according to the National Flood Insurance Program, just 12% of homeowners have this critical coverage. If you live in a low-to-moderate risk area, flood insurance is typically inexpensive, costing just a few hundred dollars a year. But if you live in a high-risk area, it can cost several thousand dollars annually. Whether you’re required to carry flood insurance or not, it’s a good idea to have it if you live in an area that’s prone to flooding.

Flood Insurance Basics 

Protect your home with proper levels of flood insurance

Flood insurance is a type of insurance that covers property damage caused by floods. It is important to note that flood insurance is not included in standard homeowner’s insurance policies, so if you live in an area that is prone to flooding, you will need to purchase a separate policy. Flood insurance is typically used to protect homes, businesses, and other structures against damages caused by floods.

You may experience  a flood in:

  • Your residential home
  • Vacation home(s)
  • Office building or corporate leased apartment

Saltmarsh Insurance can help you protect your home or office investment with the best flood insurance policies in the industry. 

How Much Flood Insurance Do I Need? 

The answer to this question depends on you and how many valuables you own (and their approximate value). There are a few factors you need to consider when determining how much flood insurance you need. The first is the value of your home. The second is the value of your possessions. The third is the deductible you’re comfortable with. Lastly, you need to consider the risk of flooding in your area.

Is Flood Insurance Absolutely Necessary? 

This type of insurance is a type of insurance that covers property damage caused by floods. It is not typically included in homeowners insurance policies, so if you live in an area that is prone to floods, it is important to purchase a separate flood insurance policy. Flood insurance is absolutely necessary if you live in an area that is prone to floods. If you don’t have flood insurance and your home is damaged by a flood, you will have to pay for the repairs out of your own pocket.

Coverage Amounts Vary by Policy

Do you know how much flood insurance coverage you have?  Do you have any at all? It’s important to find out because coverage amounts can vary by policy. Some policies only cover the building itself, while others cover the contents of the building as well. In order to be properly protected, it’s important to have the right amount of coverage. If you’re not sure, ask your insurance agent. They can help you determine the right amount of coverage for your needs.

How Saltmarsh insurance Can Help You Insure Your Home 

You may be eligible for discounted premium rates if you purchase a homeowners, automobile, or excess liability (umbrella) policy from the same insurance carrier. Further minimize financial risk by purchasing a home warranty to guard against major repairs for your new home. If you took out a loan for your new home, consider purchasing term life insurance to guard your family against mortgage debt in the event of premature death.

We offer a large range of policies. To help you find the one that fits your needs please contact us.

Posted in Blog/News, Flood Insurance