Flood Insurance: The Basics

Charles Goodman Group: Trustworthy Insurance Agents in Chappaqua

If you already have homeowners insurance, you may mistakenly think you’re all set. However, depending on where your home is located, you may also need flood insurance. In fact, homeowners in high-risk flood areas with mortgages from federally insured or regulated lenders are required to protect their homes with flood insurance. Even if that doesn’t apply to you, it may be in your best interest to maintain such a policy.

The easiest way to determine whether or not flood insurance makes sense for you is to speak with an experienced Chappaqua insurance agent. In the meantime, here’s some food for thought: According to the National Flood Insurance Program, or NFIP, the average residential flood claim totals more than $38,000. Do you have the finances to cover that kind of damage? If not, and if you live in a flood-prone area, you almost certainly need this type of coverage.

How can you tell whether or not you’re in a flood-prone area? The simplest way is to check FEMA’s handy Flood Map Service Center, which is available online. Just plug in your address and view the map to determine whether or not you are in a flood zone.

The insurance agent experts at the Charles Goodman Group of Chappaqua can assist you with any questions regarding life insurance or automobile insurance.

If the zone you are in is labeled A or V, there is a high risk of floods in your area. In this case, it is crucial for you to purchase flood insurance to protect your home and its contents.

Flood insurance covers physical damage to your home and possessions in the event of a flood, with some exceptions. For instance, flood insurance doesn’t cover damage due to moisture, mold or mildew that wasn’t dealt with properly by the homeowner after a flood. In other words, if you don’t take steps to eliminate moisture in your home following a flood, you can’t file a claim for damages that happen as a result.

Flood insurance doesn’t cover the loss of or damage to vehicles on your property. It doesn’t cover the damage or loss of property or belongings outside of the insured building, including pools, decks, fences, septic systems, trees and plants. Flood insurance will also not cover living expenses incurred as a result of damage to your home.

Finally, many people think they can turn to federal disaster assistance for help in the aftermath of a flood. Such assistance is occasionally available. You may qualify for a loan, but you will need to repay it with interest. It is best to have flood insurance to ensure you will be covered.