If you are considering purchasing a home, it is important to understand whether or not you need flood insurance. Your mortgage company can help you determine the amount of coverage you need by referring you to a map of the risk of flooding in your area. An excellent tool to use to determine the risk is the FEMA mapping tool. You can enter your address into the tool to see which flood zones are nearby and how much you could be affected by flooding each year.
When comparing private quotes, it’s important to compare apples to apples. When you compare rates, make sure to compare identical policies for the same coverage. For instance, different policies will have different coverage limits, so it’s essential to compare apples to apples in order to find the best deal. For example, if you’re looking for a standalone policy with a high limit, look for a policy that’s a standalone policy. If you’re interested in an excess policy as a supplement to your NFIP policy, make sure you compare the same policy type.
The NFIP has important rules about what coverage will and won’t cover. If you live in a high-risk flood zone, a flood policy will cost you less than your monthly cell phone bill. This type of plan is essential for homeowners who have little or no emergency funds. It can protect your home and livelihood during times of disaster. You may even want to consider a policy with a higher deductible so you won’t end up with a huge bill.
Benefits of Flood Insurance
Protection of your assets. Your policy protects your home and its contents in the event of a flood. The standard insurance policy does not cover the damage from floods; that is why it is important to purchase a standalone flood insurance plan.
Brings peace of mind. Whether you are not in a flood risk zone or flood plain area, you need this policy to help cover the damage you lose, even if you are in a low to moderate flood-risk area.
Keep loved ones protected. Your home is the most secure place you could ever be. While your home is protected by a policy, upgrade it to the next level by purchasing flood insurance.
With an independent insurance agent, you have choices. Independent agents are not tied to any one insurance company. One of the advantages of using an independent agent is that he or she works to satisfy your needs. You are using an expert for an important financial decision.
An independent agent has several companies that he or she can approach to get you the best coverage at the best price. And your independent agent will know the companies with the most efficient claims departments to recover your losses as quickly as possible.
When you buy insurance, you want an advocate who will properly assess the risks you face and give you an objective analysis of the marketplace, because it’s up to you to make the final choice.