Most homeowners and renters insurance does not cover flooding. Only flood insurance can protect your home financially from a flood. Flood insurance is a small price to pay for peace of mind that your home is covered in case of a flood.
You might be asking yourself, why should I purchase flood insurance if my area has never flooded? Flood insurance protects your home from drainage issues, storms, melting snow, neighborhood construction, and broken water mains. All of these unexpected events are all protected with flood insurance.
Types of Flood Insurance
Depending on where you live determines the price of your premiums. In high-risk areas, your premiums will be higher than someone in a low-risk area. High-risk areas are those areas that are highly susceptible to flooding. In high-risk areas, there is at least a 1 in 4 chance of flooding during the average mortgage (usually 30 years). Low-risk flood areas the risk of being flooded is reduced, but not completely removed. Due to this potential risk flood insurance is recommended for all property owners and renters.
If you are contemplating flood insurance, come in and talk to us at Guardian Insurance. You can sit down with us and we can go over the risk factors and help you make the right choice for your situation.