Flood insurance is not required by law, but your mortgage lender can require it if you live in an area that is at high risk for a flood. Even if you don’t live in an area that is considered high risk, you may want to weigh the pros and cons of getting flood insurance. Renters and homeowner's insurance won’t cover any damage by floods. Costs from a flooding disaster won’t necessarily be reimbursed by the government so you will need to see if you can afford the cost of repairing your home after a flood.
Many flood zones exist near rivers, oceans, or bodies of water but your home’s elevation and the existence of any flood control measures can make an impact on your risk. You can use the FEMA flood map search tool to see if you do live in an area that is at risk for flooding.
What Does Flood Insurance Cover?
A flood policy that is backed by the National Flood Insurance Program covers the actual structure of your home as well as the contents within the stated limits. You can choose the level of coverage you want up to the set limits. The structural elements of your home include the roof, exterior walls, heating, and cooling systems unless they are portable, plumbing and electrical systems, appliances, and any detached garage. Examples of your personal property include books, electronics, portable cooling and heating systems, furniture, clothing, and portable appliances, such as microwaves. There are also some limitations on what flood insurance will cover. Flood insurance won't cover any damage to cars or anything outside, such as fences or pools, finished basements and the property kept in the basement, damage not directly related to the flood that could have been prevented, such as mold, and damage to the land you live on from erosion.
Contact Modern Benefits, LLC to get a quote on flood insurance.
Our insurance agency is licensed in multiple states, including NJ, PA, DE, and MD. We want to help you with all of your insurance needs, no matter where you live.