Why You Need Flood Insurance Even if You’re Not in a Flood Zone

Floods can pose frequent and severe threats to your property and financial interests. Whether arising from heavy rainfall, overflowing bodies of water or infrastructural issues, these incidents may negatively affect your fiscal situation. Flood insurance should be understood and considered as an essential investment. Even if you’re not technically required to carry coverage, doing so can make all the difference.

What Is Flood Insurance?

Flood insurance is typically separate from standard homeowners, renters and commercial property insurance. This means that even the most robust standard policies will likely exclude floods as covered incidents, meaning you’d need to pay for losses out of pocket. Fortunately, you can enhance your coverage portfolio by securing flood insurance from the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program, as well as through certain private insurers.

Why Is Coverage Important?

While no sweeping laws require flood insurance, you may be subject to mandates depending on your unique circumstances. For those in areas at high risk of floods, a federally supported mortgage will mean you’re obligated to maintain coverage throughout your loan.

Even those who are not in flood zones may be subject to specific requirements. For example, if you’ve previously received FEMA aid in response to floods, you’ll need to have a policy if you want to remain eligible for future assistance.

Regardless of your situation or relevant requirements, flood insurance should be considered an advisable investment. As climate change continues to impact many parts of the world, weather patterns and natural disasters can be unpredictable. Floods may occur even in areas where you least expect them, and lacking adequate coverage could leave you without the means to repair your home or recoup losses.

We’re Here to Help

Contact Carey Insurance LLC today to learn more about flood insurance.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.