When you are searching for homeowner’s insurance, it can be quite complicated. There are many different options, making it hard to figure out exactly what you do and do not need. You may try to cut costs, but it could come back to haunt you. You want to be covered just in case something happens.
Flood Hazard Areas
If you have a government-backed mortgage and you live in a flood area, you may be required to have flood insurance. You may not be able to get a mortgage if you live in an area that is prone to flooding without getting flood insurance.
If you are in a flood, your insurance company will cover your claims, even if there isn’t a Presidential Disaster Declaration. This is good for you because you won’t have to worry about whether there is a disaster before you get your claims taken care of.
Preferred Flood Zones
However, even if you don’t live in a typical high flood area, you may still want to get flood insurance because most homeowners insurance doesn’t cover flood damage. This means that if you end up with a flood in your area, you might have to pay for everything out of your own pocket because your insurance won’t cover any of it.
If you get financial help in the event of a flood, it won’t be enough. The truth is that, if you try to get a loan or a grant to help you in the event of a flood, you may only get a few thousand dollars to help. That will not be enough. In fact, the average flood insurance claim can be more than forty thousand dollars.
When trying to decide whether you need flood insurance, you may not have a choice. Many mortgage companies will require flood insurance. However, even if you aren’t required, it might be a good idea. Repairing your home after a flood can cost you tens of thousands of dollars!
If you want to like to discuss your options for flood insurance, please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.