Contrary to popular belief, everyone lives in a flood plain. While some properties may be more prone to flooding, more claims come from properties that very seldom have floods. Louis Botta, the federal coordinating officer for FEMA, stated in 2003, “Flooding can be brought on by rains or by a broken dam or by a drainage system becoming clogged after heavy rains.” It means you do not need to live near a lake or the ocean to incur flood damage to your home. Regardless of where you live, it is always a good idea to inquire about flood insurance.
Some properties are required to purchase flood insurance due to the type of floodplain within they reside. FEMA determines the flood plain and recognizes them by their proximity to the closest body of water. Every property is given a risk value that will determine whether or not the owner is required by law to have a flood insurance policy in place.
Remember, that if you suffer damage from a flood regardless of what type of floodplain your home is situated in, your homeowner’s insurance policy will not cover that damage. You will need to have a flood insurance policy in place to cover that type of damage. Flood insurance has two types: Building property and personal property (contents). Some suggest that you consider purchasing both types to cover your home fully in the event of a flood. The building coverage strictly covers the building itself. Contents coverage will cover all your belongings up to the limit of your policy.
If you are considering flood insurance or want to find out more about it, we would be happy to provide you with information and a quote for your home. Protect your finances with a flood insurance policy.