Like the name indicates flood insurance protects your home and contents from water damage resulting from a flood. If your home is located in an area that is prone to flooding it doesn’t make sense not to have it. Home owners insurance does not cover flood damage and here on the Eastern Shore flooding can be regular occurrence in some communities. In fact, many mortgage companies can require you to carry it as part of your mortgage terms. Flood zones are determined by the Federal Emergency Management Agency (FEMA). You can check out here to see if your home is located in a designated flood zone.
Even if you don’t live in a designated flood zone many home owners choose to purchase it to off set the risk of damage. In fact, according to FEMA floods are the most common type of disaster in the U.S. The average Flood policy cost about $700 per year but that number can fluctuate depending on several factors include the severity of a flood zone.
If you are wondering if a Flood Insurance policy makes sense for you. Give us a call here at Pohanka Insurance and we will be happy to discuss your options.