Flood damage isn’t covered by your standard home policy; however, flood coverage is available through the National Flood Insurance Program or Private Flood Insurance with help from 4 State Insurance Agency. In high-risk areas, there is a 1-in-4 chance your home could flood during the span of a 30-year mortgage. This means that flood insurance will be required if you get a loan from a federally insured lender. In areas of less risk, flood insurance may not be required, but is still a good idea. Many losses still come from these moderate to low risk flood areas. Changing weather patterns have resulted in flooding in areas that have never seen it before.
You may need to confirm with your lending institution if a private flood policy will satisfy your loan requirements.
A flood insurance policy will usually cover the building itself & items that are permanently attached. You can also purchase coverage that protects contents like appliances & furniture. Flood insurance may have a waiting period. Plan ahead before rising waters threaten your property.
Contact 4 State Insurance Agency to get a quote on flood insurance.
