If you live in an area that has been declared a flood zone by FEMA, then you know that your mortgage lender requires you to carry flood insurance which is typically purchased through the government. Many people find that they start out in a flood zone and then FEMA redoes the flood map and all of a sudden the insurance is no longer required. Many people face the decision if they will keep carrying the coverage even though it is not a requirement. If you live in the Lansdale, PA area and are unsure if you are in a flood zone, reach out to an agent at Farrell Insurance Associate Inc. today
Just because your home is no longer located in a high-risk area, doesn’t mean you should not carry flood insurance. Floods are becoming more and more common and over 20% of flood claims come from areas not considered high-risk areas. Although you are not in a high-risk area, in the event a flood does hit, the damage caused to your home can be catastrophic. In the event of a flood, you could end up spending a huge amount of your savings to correct the damage as the average flood insurance claim runs around $30,000.
There is typically a 30-day waiting period for the coverage to kick in. So you cannot just go out and get the coverage if you hear of a pending storm coming that could cause flooding.
It is important not to rely on government assistance in the event your home is damaged by a flood. Government assistance typically comes in the form of a loan, which means you will eventually need to pay it back.
If you live in the Lansdale, PA area and you are interested in learning more about flood insurance, please reach out to a specialist at Farrell Insurance Associate Inc. today.