Why should you get flood insurance even if you live in a low risk flood area?

Mother nature has not been kind in 2021 with flooding cases going up every day. Home insurance doesn’t cover floods. You need to seek a separate flood insurance policy to protect your home and personal belongings from damage. At Client First Insurance Solutions, we recommend learning everything about flood insurance to ensure that you buy enough based on the value of your home and personal belongings. You should definitely get flood insurance, and here are the top 3 reasons. 

Sometimes, flood insurance is required by your lender

If you intend to buy a home that is located in a high-risk flood area, your lender may require you to buy flood insurance. The policy covers the dwelling as well as personal belongings. Some mortgage companies in Americus, GA may allow you to go without flood insurance depending on the type of loan. Federally regulated mortgages will require flood insurance, which must be paid for until the mortgage is paid off.

No one is really safe from floods

Living in a low or moderate-risk flood area doesn’t mean your property is safe. Floods can be estimated, but models can quickly get outdated and may not reflect the severity of a flooding event. Remember, an inch of floodwater is enough to cause loss of property worth millions. A recent disaster risk analysis by FEMA  confirmed that there is a high frequency of flooding events in areas often associated with disasters. 

Flood insurance has a waiting period

Flood insurance comes with a 30 day waiting period, which means you cannot buy the policy when it’s convenient for you. If flooding occurs during the waiting period, you will not be eligible for compensation. It’s more prudent to buy flood insurance as early as possible, especially with the fact that floods cannot always be accurately predicted.

Buying food insurance in Americus, GA soon? Let Client First Insurance Solutions help you find a policy that matches your needs. Call us today!

When is flood insurance necessary in Georgia?

Those that live in the Americus, GA area should consider purchasing a home. Property buyers here can enjoy the long-term benefits that come with owning their homes. However, it is always important to protect your home as well as possible. For many, this could mean getting flood insurance. There are some situations when this coverage will be necessary for you. 

When Required by Lender

A common situation when you will need to have a flood insurance plan is when your mortgage lender requires it. Any mortgage provider will run searches to determine if your home is located in a high-risk flood zone. If it is in one of these locations, they will require that you carry a flood insurance plan. Most lenders will also have to approve the policy and will require monthly payments into an escrow account as it can help to ensure coverage. 

When Protecting Your Home

You may also want a flood insurance plan when you want to protect your home. If you are going to buy a home in this area, it will be a big purchase that you will want to protect. If you are concerned about the risk of flood damage in your area, getting flood insurance is a great way to protect against it. 

If you are going to purchase a home in the Americus, GA area, it will be vital to get proper insurance coverage. The team with Client First Insurance Solutions can help you with this. When you meet with Client First Insurance Solutions, they can give you the guidance needed to determine if coverage is necessary for you. They can then help you build a plan that keeps you in compliance and protects your property. 

What Does Flood Insurance Cover?

Floods are considered natural disasters. When these natural disasters occur, they often wipe out land and property and sometimes cause death as well. However, flooding is usually not covered under most homeowners and condo insurance policies. It is usually something that must be purchased separately. 

What Is Flood Insurance?

Flood insurance is specific property insurance designed to cover property that has been damaged or affected by flooding. It also covers your belongings inside a dwelling that has sustained water damage. This insurance is designed to protect both residential homes and property, as well as commercial homes and property. Not all home and business owners are required to carry this type of insurance. Typically, owners with federally regulated lenders/mortgages on properties located in high-risk flood zones are required to carry this type of insurance. However, many home and business owners elect to carry this insurance anyway. FEMA regulates the National Flood Insurance Program or NFIP. Client First Insurance Solutions of Americus, GA is dedicated to helping both home and business owners understand flood insurance and its benefits.

What Does Flood Insurance Cover?

Like homeowners insurance, flood insurance is designed to protect the structure of your home in addition to your personal belongings. However, this type of insurance is specifically designed to protect your belongings when they have sustained water damage from flooding. A flood is defined as a large amount of water on property or land that would otherwise be dry under normal circumstances. A flood is considered a disaster if two or more properties or acres have sustained damage as a result of the excess water. Flood insurance is designed to repair and or compensate you for your damaged home, business, and belongings. However, there are scenarios in which water damage may occur that aren’t covered by flood insurance. Flooding can cause land movement and other situations that aren’t covered by flood insurance. Also, moisture, mildew, and mold aren’t conditions covered under flood insurance. These conditions aren’t necessarily directly attributable to flooding.

We look forward to answering any questions you may have about flood insurance. Please give us a call. We’re here to help.