It’s a big decision to buy or not to buy flood insurance, but it is something that you should seriously consider. Flooding can happen in any area and has the potential to cause significant damage. One of the most important things for homeowners who are shopping for flood insurance is understanding what areas are considered “high risk.” You should know in advance what is covered by your insurance, and how much coverage you need.

Flood Insurance is Not Included in Home Insurance

Most people do not know that flood insurance typically is not include in house insurance policies, but most people can purchase it through the NFIP and some private insurers. Some homeowners find that their mortgage company will require flood insurance if they are in a high-risk area or have less than 20% equity in their home. It is also important for those who live near bodies of water to understand whether there is a risk of flooding.

The NFIP offers homeowners three types of policies:

A) Residential Base Policy, which covers up to $250,000 worth of property that is inside and outside your home (for example furniture or personal belongings), but does not cover other structures such as detached garages;

B) Standard Flood Insurance Policy, which covers up to $250,000 worth of property that is inside and outside your home (for example furniture or personal belongings), as well as other structures such as detached garages;

C) Special Flood Insurance Policy, which includes flood insurance on the structure itself.

New Flood Maps for Boynton Beach Are Out

Different Types of Flood Policies

The National Flood Insurance Program (NFIP) offers two types of coverage: the Standard Flood Insurance Policy and the Preferred Risk Policy. The Standard Flood Insurance Policy covers up to $250,000 worth of property that is inside and outside your home (for example furniture or personal belongings), as well as other structures such as detached garages.

A Preferred Risk Policy offers different rates for lower-risk properties than the Standard policy provides. It also includes coverage on the structure itself. A Preferred Risk Policy for a residential property offers different rates than the Standard policy provides and includes flood insurance on the structure itself, but not other structures such as detached garages.

Flood Policies vary based on how much coverage you need and where you live

Some other factors such as how much coverage you need and where you live affect the flood policy.

The Preferred Risk Policy offers different rates for lower-risk properties than the Standard Flood Insurance Policy provides and includes coverage on the structure itself but not other structures such as detached garages.

The Standard Flood Policy includes coverage on the structure itself but does not cover other structures such as detached garages.

In addition to these two flood policies, there are other factors that affect how much you will be charged for a policy and what is covered in it.

Finally

If you would 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 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!

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