Are you under the impression that your homeowner’s insurance policy will pay for flood damage? If so, you should probably think again. Generally, homeowner’s insurance does not provide flood insurance coverage. In fact, you will likely have to purchase a completely separate policy to obtain this type of protection. As for now, let’s take a quick look at four things you need to know about flood insurance.
Who needs flood insurance?
If you live in an area that is prone to flooding, then the mortgage holder to your home may mandate that you obtain flood insurance. The best way, of course, to determine whether or not you are required to purchase this type of coverage.
Where to buy flood insurance?
Did you know there are more than 80 companies that sell various types of flood insurance policies? That’s right, and you can also buy this type of insurance through property insurance agents. To learn more about taking advantage of a flood insurance policy, speak with a qualified agent today.
How much does flood insurance cost?
The amount of money that you pay for flood insurance will depend on a variety of factors. For starters, the location and value of your home are the primary two factors that affect the rate of your flood insurance. The age and style of your home will also affect your insurance rate. Remember, flood insurance rates are set according to a national rate, so they don’t vary from one company to the next. Still yet, any discounts you qualify for may be able to save you money.
Are there different types of flood insurance?
Flood insurance is flood insurance. All policies are the same in that they provide coverage for flooding, but the amount of coverage that they provide does vary depending on the policy you purchase.
Contact Pro America Insurance to learn more about buying flood insurance.