You may need flood insurance, even if your mortgage lender does not require it for your property. According to FEMA, more than 20 percent of claims for flood damage come from areas that are not deemed “high risk.” Without a specific flood insurance policy, you will not have the protection you need to cover the potentially catastrophic damage that can occur. While every policy is a little different, most flood insurance policies will cover damage to your home from things like groundwater seeping into your home, mudslides and water main breaks, when at least two properties in the area are affected.
When a loss is covered, flood insurance policies typically protect your home and its foundation, central heating, plumbing and electrical, attached woodwork and detached garages. Many also provide coverage for your personal belongings, including clothing, furniture and electronics, but items like cars, stock certificates, outdoor property and mold or mildew damage that could have been avoided will usually be excluded.
If your home is located on a floodplain, the amount of insurance available through FEMA’s National Flood Insurance Program may not be sufficient to cover your risk of loss. That is where Hurley Agency can help. We have access to flood insurance providers in markets across the country and can help you find coverage that fits your budget and your need for protection.