Your homeowners insurance policy will typically come with a number of different coverages, but one that’s not typically found on your standard policy is flood insurance. This occurs for a few reasons, and many homeowners are surprised to learn that their policy doesn’t cover the damages from a flood. While their policy may cover damages from wind, fire, vandalism, or other fairly common catastrophes, it’s important to really study your policy to learn just what it covers, what it doesn’t, and what you may need to purchase additional policies for.
Homes that are built on low ground, near rivers or lakes, or near an ocean may require flood insurance in order to secure a loan. In these instances, your lender will often outline for you the types of homeowners insurance you need so that you can look into these policies before signing on the dotted line. However, what if you don’t live near any of these areas? Should you opt for flood insurance?
While researching flood insurance, or researching your need for it, it pays to learn a few things about flood insurance and when it may come in handy. 3 things to know about flood insurance are:
Whether you require flood insurance or not, it’s important to get the coverage you need when you’re looking for the right homeowners insurance policy. Speaking to a professional about your needs is the best way to ensure you have the type of policy and the types of coverages that will work for you. If you’re interested in learning more about covering your home or purchasing additional policies, contact us at Panorama today.