Home ownership comes with a considerable part of the warranty. From making necessary repairs and replacing locks to checking a smoke detector.
One of the most important duties is to evaluate your insurance options. If you are purchasing a home with a mortgage, your lender will likely require home insurance from you. However, the lender may not require you to have flood insurance unless you live in a designated “high-risk” flood area. In this case, the decision whether to purchase or not to purchase flood insurance is up to you.
So is it worth buying flood insurance even if you do not live in a high risk area?
This is the question that weighs heavily on the minds of many Americans - and for good reason. According to the Federal Emergency Management Agency
Floods are the most common and costly natural disaster in the United States. The agency reports that a single inch of water in an average home can cost more than $ 26,000 in damage. Unfortunately, this damage does not only occur in coastal states. In recent years there have been floods
In all 50 countries.
While flood insurance can certainly benefit in the event of an unexpected natural disaster (hurricane, snowmelt, excessive rainfall and other extreme weather conditions), it also tends to be quite expensive. Often, the decision whether to purchase or not to purchase flood insurance depends on your cost and budget.
What is flood insurance?
Definition of flood insurance is a type of property insurance that covers an apartment for loss of water damage,
For it specifically refers to flooding.
This type of insurance policy is backed by the National Flood Insurance Plan
Homeowners and renters can purchase a flood insurance policy through an insurance agent.
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