Do I need Flood Insurance
Hello there! If you’ve stumbled upon this post whilst searching the internet, you were probably curious about flood insurance. “Do I need flood insurance” is a pretty common thing for a homeowner to ask, especially if you live in a low lying area, or near a river, lake or the ocean. The answer to your question can vary, but “do I need flood insurance” is a very common thing we hear in this business.
Now first off, there should be a distinction between the phrase “do I need flood insurance” and “should I have flood insurance”. Technically, if your property does not sit within what has been mapped by FEMA as a Special Flood Hazard Area (SFHA for short) you may not be required by your mortgage company to carry flood insurance. However, on the other side of the coin – I think that every homeowner should have a flood insurance policy. You must remember that your normal homeowner’s insurance will not cover the peril of flood ( things like broken pipes or an overflowing bathtub may be covered in a typical homeowner’s policy, but those are not by definition the peril of flood.
Flood is defined in the insurance industry as:
- A general and temporary condition of partial or complete inundation of 2 or more acres of normally dry land area or of 2 or more properties (at least 1 of which is the policyholder’s property) from:
–Overflow of inland or tidal waters; or
–Unusual and rapid accumulation or runoff of surface waters from any source; or
–Mudflow; or - Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
So, do I need flood insurance?
At Save Flood insurance agency Inc, we do suggest that every homeowner have a flood insurance policy. Even if you think your home could never flood, you might be surprised to learn that over 25% of all flood related claims occur in moderate to low risk flood zones. Take for example all the recent hurricanes and extreme weather events. Even if you’re not located near a body of water, heavy sustained rains, snow storms, and other weather events can potentially flood your home.
If you would like to get a free quote for flood insurance, please fill out the form below. Our private market underwriters and selective systems allow us to save you up to 50% on a flood policy when compared to the NFIP / FEMA programs.