You may not think that you need to worry about flood insurance even if you live in a place where there is not much chance of flooding. However, what if the unthinkable happens? Floods happen every year and they can cause a lot of damage to your home and all your possessions; flood insurance is designed to help protect you financially from this type of event. In this blog post we will cover some reasons why it’s worth considering getting coverage for floods, along with information on how to get started!
Why you should consider flood insurance.
The first reason to consider flood insurance is if you live in a high-risk area. There are some areas of the country such as coastal regions and other low-lying zones, which are at a higher risk for flooding from rising sea levels or heavy rainfall. If your home has suffered damage in the past due to flooding, then it may be worth considering getting coverage.
The second reason to consider flood insurance is if you have a mortgage on your home or other significant debt associated with the property. The cost of rebuilding can be astronomical and having this type of protection in place will help ensure that you are able to afford it without taking on additional financial burden.
Even though we all hope that we never have to use our flood insurance, it is worth considering getting a plan in place. You know someone who has dealt with this type of event, and you may be surprised at how helpful these types of coverage can be!
What is flood insurance and how does it work?
Flood insurance is a type of coverage that can protect you from financial loss should your home suffer damage. This will help to cover the cost of rebuilding and other expenses related to recovering after such an event, which could be astronomical at times. Floods happen more often than most people realize; they are not just limited to coastal regions but may also be in low-lying areas of the country.
Like any other type of insurance, you will need to pay a monthly premium for this protection. Flood coverage premiums are based on your home’s value and location; it is important that you get an accurate estimate before deciding if this is something worth considering. The amount of coverage that you can purchase is also an important factor to consider; typically, the higher your home’s value and location is in a high-risk area, then the more coverage you will want as well.
When you purchase flood insurance it is usually for a set period such as one year or five years. However, these types of plans are renewable so that you can keep your coverage. To obtain a quote for this type of plan, you will need to provide the necessary information such as where you live and how much coverage that you want; usually, fewer properties require more protection than larger ones.
Who needs to get flood insurance?
There are a few different groups of people who may want to consider getting coverage for floods. The first group is those in high-risk flood zones, such as coastal regions and other low-lying areas that are at an increased risk from rising sea levels or heavy rainfall. The second group is homeowners with mortgages on their property; having this type of protection in place will help ensure that they are able to rebuild without taking on an additional financial burden. The third group is people who have dealt with a flood themselves; these types of coverage can be surprisingly helpful and worth considering getting for the future!
The cost of this type of protection also depends on how much you want it to cover, where your property is located, and the type of property that you own. For example, a condominium in an area where there are no risks for flooding may not need as much coverage as a single-family home with significant debt associated with it; this will vary based on your personal situation though.
Flood myths debunked- how often do floods happen in your area?
Floods happen more often than most people realize; they are not just limited to coastal regions but may also be in low-lying areas of the country. Like any other type of insurance, you will need to pay a monthly premium for this protection. Flood coverage premiums are based on your home’s value and location; it is important that you get an accurate estimate before deciding if this is something worth considering.
If you want 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!
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.