What is Flood Insurance and Do I Need it?

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Flood insurance is a type of insurance that isn’t usually included in rental or home owners insurance. Many times when you rent or buy it is not included in basic insurance.

Most insurance companies offer flood insurance as an additional cost or protection. Some companies offer it to you without an additional cost, but you have to request to have the coverage added on.

Many people don’t understand why they need insurance think they don’t need it. The truth is everyone should have flood insurance regardless if they are renting, leasing or buying. At any time a down pour of rain or a storm could occur and cause damage to all of your furnishings inside your home. Even if you live near the mountains and don’t get much rain fall if a heat wave comes through it can melt the snow on the mountain and flood your home. There have also been many cases when a hurricane decides to turn and hit inland further than expected. You might think you are safe but at anytime the weather can change and you can get flooded.

Basic flood insurance covers up to $20,000 dollars in damage. You can upgrade to a higher amount for an extra cost. If you feel you have more than that in property in the home than it is a good idea to upgrade to a higher amount.

Relying just on federal aid won’t be enough neither. They are limited on what each family will get. They are also limited on the number of families or homes they can cover. They will only cover a certain amount, or just the ones that are out of a home completely.

Flood insurance is actually more affordable than many people think. The price will vary on your location, and age of your home. Different insurance companies will give you different quotes. Go with the one that offers the most with the best deal. Many times your home owners insurance company will give you a discount if you add on the flood insurance. In this case it is better to be safe than sorry, because once you get flooded it might be too late to add it on.