How Do I Know If I Need Flood Insurance?

Many homeowners are surprised to learn that their homeowner’s insurance policy doesn’t include coverage for damage that occurs as the result of a flood. If you want coverage for flooding, you’ll need to purchase an independent flood insurance policy, complete with its own terms and deductible. But how can you tell if you need flood insurance?

If you live in a high-risk flood zone and you have a mortgage from a federally-insured mortgage provider, your lender is legally required to ensure that you have flood insurance. This mandate comes directly from the Federal Emergency Management Agency (FEMA). You can find out if you’re legally required to buy flood insurance by searching for your address in the Legal Services Corporation’s Flood Zone Lookup tool. If your home falls in a high-risk zone, you need flood insurance.

FEMA waives the flood insurance requirement for homes in low- and moderate-risk areas. However, it’s important to remember that even if your home is in a low-risk or moderate-risk zone, it doesn’t mean that you’re guaranteed to never have a flood. According to data from FEMA, flooding is the number one most common natural disaster in the United States. You don’t need to live near a creek, river, or stream to be the victim of a flood. A flood can occur anywhere in the United States — even in a zone that FEMA classifies as a low-risk area. Flash flooding can occur with little warning, especially if it’s caused by heavy rains or a tropical storm passing through. If you decide not to bother with flood insurance and you do end up as the victim of a flood, you might end up paying thousands of dollars repairing the damage out of your own pocket.

Still not sure if you should buy flood insurance? The Bachmann-Zeitlin Insurance Agency can help you decide if flood insurance protection is necessary for you. Contact us online or give us a call today at 267-288-5193 to learn more or get started.