Ask the insurance expert: Do I need flood insurance?

It’s is one of those things that you don’t need until you NEED it, so let’s ask the insurance expert. Do I need flood insurance?

The answer is: It depends!

If you ask any insurance expert, they will tell you that to make a decision on flood insurance, you need to understand floods – and what insurance for them — does.

You’ve probably seen the images of floods and the horrible aftermath of lost homes and possessions. The truth is, massive floods are terrible but even an inch or two of water can be devastating to your home and valuables.

If you don’t live in a coastal or low-lying area, you might ask your insurance expert if you even need to worry about flood insurance. But floods can be caused by many things, not just hurricanes. Heavy rain, spring thaws and rain that happens after a long drought can all cause flooding. And floods can happen anywhere – and at any time!

The other thing an insurance expert will tell you about floods are: Your homeowner’s insurance doesn’t usually cover damage or property loss due to flooding. You need a separate flood policy.

You can get one through the National Flood Insurance Program, which is administered by FEMA, or you can get private insurance.

The cost of insurance varies, depending on factors like the risk to your particular property, what is covered, your deductible and what kind of coverage you purchase. You can also buy policies that cover just your home and one that covers just your property.

For some homeowners, flood insurance is required by law, like if you live in a high-risk flood area or if your area has flooded before.

The bottom line is, it’s always good to talk to an insurance expert if you are considering insurance for flooding for your home.

Crumrine Financial Services

At Crumrine Financial Services, we understand the ins and outs of insurance. If you are wondering if it’s right for you, request a quote today!