Understanding Your Flood Insurance Needs

Flood insurance can be one of the most important investments a homeowner ever makes. However, while this type of coverage can provide essential financial protection, it may also be complicated and confusing. Still, fully understanding flood insurance options and capabilities is not something homeowners can afford to cut corners on. As such, the team at The Byfield Agency is prepared to offer comprehensive guidance.

Do I Need Separate Flood Insurance?

Homeowners should first understand that flood coverage is not typically included in their standard home insurance policies. As such, a separate policy may be needed to ensure adequate coverage. Without this step, even a small amount of floodwater could inflict significant property damage and incur expensive out-of-pocket losses.

Is Coverage for Flooding Required?

Not all homeowners are legally obligated to retain flood coverage; however, particular residents may be subject to mandates depending on their unique circumstances. Property owners should consider whether one of the following situations applies to them:

• You have a federally backed mortgage. If a homeowner lives in an area at high risk of floods and has purchased their home with the help of a federally supported mortgage, they may be subject to insurance-related obligations.
• You have received aid for floods in the past. In the wake of floods, homeowners may be able to receive financial aid from the Federal Emergency Management Agency (FEMA). However, if a resident has tapped these resources in the past, they must secure flood insurance to be considered for future funds.

Where to Get Flood Insurance

Flood policies are often purchased through FEMA’s National Flood Insurance Program; however, in recent years, many private carriers have also started to offer policies. Given the potential consequences of lacking coverage and the various options that may be available, consulting with a qualified insurance professional may be advisable.

Contact The Byfield Agency today to learn more about flood coverage or to get an instant quote.

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.