Floods are one of the most common natural disasters in the United States. They can cause significant damage to your home belongings and even put your life at risk. Flood insurance is a must for homeowners with federally backed mortgages and who live in Special Flood Hazard Areas. However, those are not the only homeowners that need to purchase flood insurance. The following are four additional reasons why you should purchase flood insurance.
1. You Live In A High-Risk Area
The Federal Emergency Management Agency (FEMA) designates two types of areas as being the highest risk for flooding – Special Flood Hazard Areas are those that have a 1% or greater chance of being flooded each year. The second type is a Moderate-to-Low Risk Area for flooding. If you live in either of these areas, you will need to purchase flood insurance.
2. You Have Experienced Substantial Damage From Flooding Before
If you have experienced damage due to flooding in the past, then it would be wise to purchase flood insurance for your home. This is because homeowners’ insurance policies do not cover the damage from flooding.
3. You Live In Areas With Undetermined Risk
If you live in an area where the risk of flooding is undetermined, it would be wise to purchase flood insurance. While being in this area doesn’t mean that your home is at high risk for flooding, it doesn’t mean that it isn’t either.
4. You Would Like Extra Protection On Your Property
Although flood insurance is not required for all homeowners, it does provide extra protection against the many risks of flooding. This can be a great asset to have in addition to a homeowner’s insurance policy. Remember, flood insurance covers your home and possessions from damage caused by flooding, not other events such as earthquakes, fires, and robberies. Be sure to check with your insurance company for more details on how flood insurance interacts with your current homeowner’s policy.
Need Flood Insurance in Idaho Falls, ID?
Flood insurance is an important type of insurance for homeowners in any location. If you would like to learn more about getting flood insurance for your home, contact Insure It All today.