Flood insurance comes in many different varieties, so it is important to evaluate your choices to be sure that you get the right coverage for you.
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Flooding is not something that anyone expects, but it can happen anywhere at any time. It may not even be nature related. It could be a water heater that bursts or a pipe that bursts in the wall that can cause flooding and damage to your own. You have invested money in your home. Why would you take the chance that something like this could occur? Most homeowners policies does not cover this type of event, which could leave you to foot the bill or lose your home entirely.
Flood insurance comes in two general types. One comes with the standard home policy that includes internal flooding due to burst pipes, water heater, malfunctioning faucets, etc. External flooding, such as due to a dam break, hurricane, or rain, is not covered by most regular homeowner policies, which means that you need to purchase this policy additionally. Hurricane Katrina is one example of why this type of insurance is so important. It was a devastating experience that left many people unable to rebuild or repair – instead leaving their homes as they were after the flood.
The best thing that you can do is buy some sort of policy that you can use if it is occurs. If you live in a federally designated flood zone, then you will be required to buy flood insurance. FEMA has even been expanding these areas on their maps, as they have found that the flood damage can be far reaching. Even an area that has not been prone to flooding in the past could flood. That is why you want to be prepared for the worst and have that insurance as part of your homeowner’s policy.
Flood insurance may seem to be something that you will never need, but you will find the premiums to be well worth the cost if your home is flooded. It can cause untold damage that can cost thousands or even hundreds of thousands of dollars’ worth of damage. That is why you want to hope for the best, but prepare for the worst with flood insurance.