How to Protect Your Property with Flood Insurance

Whether you’re in the process of buying a new home or you just paid off your mortgage, at some point, you’re going to ask yourself, “Do I need flood insurance?”

Some lenders require homeowners to obtain a flood insurance policy. However, some do not. It generally depends on the risk of flooding around the home. For high-risk areas around the coast or near a river, it’s almost a given.

What is a Flood

A flood is “an overflow of water onto land that is normally dry.” A flood in one area can look different from another by covering just a few inches of land in water versus several feet.

What Is Flood Insurance?

Flood insurance is a standalone insurance policy that covers damage caused by flooding. It covers building replacement costs and personal property losses. It is available to all homeowners regardless of location.

Where Can I Get Flood Insurance?

You have two options to purchase flood insurance. You can google, call, or check out: – Private insurance companies – National Flood Insurance Program (NFIP)

How Much Does Flood Insurance Cost?

The cost of flood insurance depends on the property’s location, age, elevation, number of floors, and price to rebuild. Although the average cost is around $700, your fee may be higher or lower. So it really depends on your home and individual factors.

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