Flood Insurance—Is it Necessary?

When floodwater begins to accumulate around your property, the last thing you want is to lack adequate flood insurance coverage.

Understanding flood insurance policies and retaining the right coverage can make all the difference in the wake of these natural disasters.

Furthermore, there may even be times when you are formally obligated to carry an appropriate policy. To help you understand this complicated subject, the team at Crume-Evans Insurance Service is proud to offer comprehensive guidance.

What is Flood Insurance?

Purchasing coverage for floods can be a complicated but necessary process. You should first dispel any assumptions that you already have sufficient insurance for these events. In most cases, floods are specifically excluded from standard homeowners insurance policies.

So if you want to avoid potentially catastrophic out-of-pocket losses and expenses following floods, you should be sure to explore coverage options, such as endorsements or additional policies.

When Do I Need Flood Insurance Coverage?

Securing adequate insurance for floods should be a top priority for most homeowners, as lacking a suitable policy could leave you without the means to repair your home or replace your belongings.

Furthermore, there may be times when coverage is not only advisable but actually required. Consider the following scenarios:

• If you live in an area at high risk for floods and have a federally backed mortgage on your home, you must retain coverage as long as your loan remains outstanding.

• If you’ve previously received aid from the Federal Emergency Management Agency (FEMA), you must carry flood insurance to ensure eligibility for future additional assistance.

How to Get the Right Policy

The right insurance for floods may often be purchased through FEMA’s National Flood Insurance Program. Additionally, private insurers may offer plans with greater flexibility and coverage limits.

Contact Crume-Evans Insurance today to learn more about your options or to compare personalized quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.