Do You Need to Have Flood Insurance?

Do you need to have flood insurance? According to Insurance Information Institute, only eighteen percent of Americans have flood insurance. one in five homeowners does not know that flood insurance may not be included in their standard homeowners insurance Typical Flood Insurance Coverage A typical flood insurance policy will cover the various types of damage that can be caused by naturally overflowing waterways or the rapid accumulation of other types of surface water. Flood insurance coverage includes, but is not limited to: Carpet Repair Ďamage Structural Property Damage Cabinetry, Kitchen Appliances, and Wood Flooring Damage Removal of Debris and Trash Damage of Electrical and Plumbing Systems Unavoidable Mold or Mildew Growth that Results from Excessive Water Damage to Heating and Air Conditioning Systems Low Risk Properties Even if your home happens to be located inside or near a flood zone, do not assume that your insurance provider will automatically include flood insurance into your standard homeowners' policy. It is not usually required, in most states. Nearly Even if your home is located in an area that is deemed to be "lower risk", you should still consider purchasing this extra coverage. twenty-five percent of all insurance claims due to flood are actually placed by homeowners in low to moderate risk properties Some of the standard homeowners insurance policies do include a minimal amount of flood insurance.In many cases, a "single peril" coverage clause may be secretly hidden inside your existing policy. Coverage may include: Other Considerations Blocked Storm Drains Storm Surges Natural Flooding Heavy Rains The policy may require that two or more properties located within the same area must have been equally affected by the excessive waters. Or perhaps several acres of land must be affected in order for the policy to become active. Check with the Federal Emergency Management Agency (FEMA) to find out the latest flood zone rules for your area. www.ellingwarnerrobins.com ©Anita Clark Realtor® Source: http://anitaclark.realtytimes.com/advicefromagents1/item/27497-do-you-need-to-have-flood-insurance