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Do You Need Flood Insurance?

Flood insurance is not usually included in a standard homeowner’s insurance policy. If you live in a high-risk flood area, your homeowner’s policy may require you to obtain flood insurance. However, for individuals concerned about flooding, adding flood insurance can provide peace of mind.

No matter where you live, floods are a threat for homeowners. The Federal Emergency Management Agency (FEMA) provides flood maps to identify flood risk in your area. Although you may live in a “no-risk” zone, it is recommended to consider flood insurance if you have a mortgage. Why? Homes are vulnerable to flooding due to broken pipes, poor drainage, clogged gutters, damaged foundations, and old appliances. Keeping your home safe from internal flooding is essential as flooding can lead to over $30,000 in damages.

Types of Flood Insurance

There are two types of flood insurance, National Flood Insurance Program (NFIP) and Private Flood Insurance. The majority of individuals seeking to add flood insurance to their existing homeowner’s policy will use private flood insurance. We recommend comparing insurance rates to find the right coverage to match your budget.

List Your Home’s Inventory

As you compare rates for flood insurance, it helps to have a list of your home’s inventory. Since you will need to file claims on each damaged item, your claim can be processed faster with photographs and a clear inventory list. On average, homeowners usually purchase up to $250,000 of coverage for home rebuilding costs and $100,000 for assets.

What is Covered?

Work with an insurance broker like Just Protect Insurance to obtain a clear understanding of what your plan will cover. A standard flood insurance policy will provide:

  • Coverage for the physical structure of your home and foundation

  • Coverage for electrical, HVAC, and plumbing systems

  • Appliances

  • Assets including jewelry and computers

What is Not Covered?

Flood insurance does cover the majority or repair or replacement costs, but a basic plan does have limitations, including:

  • Mold or mildew damage that could’ve been prevented

  • Outdoor property like a trampoline, hot tub, or deck

  • Temporary housing expenses

Always compare multiple tiers of flood insurance coverage to make sure you are selecting a plan that matches your budget needs. Start by calling your existing insurance provider to see if they offer discounts on flood insurance for existing customers. Stay tuned to Just Protect Insurance to stay current with the latest information about insurance plans, insurance coverage, and insurance rates.