With climate change generating more natural disasters – including floods – in otherwise unexpected areas, the need and popularity of flood insurance are on the rise. Although your home may not be located in a common flood area, that does not mean that disaster can’t strike, with FEMA estimating that even an inch of water can cause upwards of $25,000 in damage.
If you live in a coastal or flood-prone area, you are likely required to have flood insurance. If you have a mortgage through a federally banked lender such as the VA or FHA, then having flood insurance will be a condition of your home purchase. To determine if your home is in a flood zone, FEMA’s website maintains a Flood Map Service Center to check the address. When using this resource, keep in mind that FEMA is responsible for the entire United States, and their flood map may not be updated in real-time.
Contrary to public opinion, flood coverage is not likely to be included in your homeowner’s insurance policy and must be purchased separately. Typically, a flood policy will cover your home’s foundation to include all electrical and plumbing systems and personal property such as furniture and electronics. Additionally, suppose you are forced to relocate because your home is inhabitable due to a flood. In that case, your flood insurance should include coverage to chip in and help pay for those living expenses.
Whether you live in a flood zone or not, flood insurance should be a priority for all homeowners. At Homeowners Insurance Group in Scottsdale, AZ, our dedicated team of insurance professionals will help you select the right policy for your needs. Give us a call today to schedule a no-obligation consultation with a member of our team.