As a homeowner, you might think your home insurance policy covers every significant threat to your residence, but, unfortunately, this is not the case. Flooding damage, for example, is not covered by the typical home insurance policy. This fact leaves many homeowners faced with the decision of whether to purchase a separate policy to cover their homes against flood damage. This article examines some of the basic information that homeowners facing this dilemma need to know.
In some instances, the federal government will require you to obtain a flood insurance policy. If you live in an area designated by the government as a high-risk zone, then you must purchase flood protection if you buy the home from a federally regulated or insured entity. In areas with a moderate to low risk of flooding, flood protection is recommended but not required. Also, if you live in a flood plain, your mortgage lender will likely require you to purchase flood insurance, regardless of any government regulations.
You may want to seriously consider purchasing flood insurance, even of you live outside of a floodplain. For example, some flooding possibilities, such as storm drains that become blocked, are difficult to anticipate. One in four claims for flood damage to homes come from people who live outside of a floodplain, so do not assume that you are protected simply because of your location.
Even if your house is not currently in a floodplain, this does not mean that it won't be at some point in the future. Geographical conditions change and so do floodplain maps. It's entirely possible that a home in an area that is currently not at risk for flooding could be inside a floodplain in the future. To evaluate your risk, go to website of the government's National Flood Insurance Program. This site allows you to input your see the current flooding risk to your house. You can also go to the website of the Federal Emergency Management Agency, or FEMA, and look at the floodplain maps that are relevant to your location.
Deciding whether to purchase flooding insurance is not always an easy decision. In some cases, where you have a high risk of dealing with flood waters in the foreseeable future, the choice is obvious. In other instances, you will need to gather as much information as you can on the subject and determine if the risk is great enough to justify buying flood insurance. Click here for more info about flood insurance.