Flood Insurance..?

Every property is different and each person's ability to assume risk is different. Some people will risk holding adequate coverage for certain policies and never see the consequences where others would rather have peace of mind knowing that if a catastrophic claim was to take place that they are covered. Flood Insurance is a separate policy that covers for flood damage and is available from the federal government under the National Flood Insurance Program.

Flood Insurance is what it is, it provides coverage from flooding. It provides coverage on your property caused by water entering and causing damage to your property. Often times, homes located in designated flood areas or flood plains are required by a lender to purchase flood insurance. I'm not aware of the costs associated with flood insurance but I would assume it is less than homeowners insurance premiums.

How do you know if you're in a flood plain? I would recommend asking your realtor or builder whether or not your property or future property is located in a flood plain. Often you will be able to visually tell if your property is in a flood plain as your property will lie in a flat plain close or adjacent to a creek, rivier or lake. When the creek or river over flows your property has the potential to flood thus damaging your property.

To find out if you should purchase Flood Insurance speak with your realtor or home builder, your homeowners insurance agent and your lender.