With flood zones constantly changing due to evolving weather patterns and other factors, it is possible not to live in a flood-prone area one day and be in one the next. While it may be tempting to believe that your homeowner’s insurance will cover flood-related damage, it is often one commonly excluded peril. Consequently, you can be on the hook for thousands of dollars in repair costs – for even minimal damage – if you do not have flood insurance. If you live in a Special Flood Hazard Area, as defined by FEMA, you’ll likely be required to purchase flood insurance if you have a federally backed mortgage. FEMA defines flood zones as places with a significantly higher statistical probability of a flood occurring.
Flood insurance will cover the replacement cost of your home or the actual cash value of damages to your policy maximum, making it important to choose coverage amounts that accurately reflect the value of your home and personal belongings. Flood insurance can be purchased through the National Flood Insurance Program if you are in a high-risk zone or through private insurers like the Smith Insurance Agency of West Virginia. With most policies taking 30 days from the point of purchase to be effective, you’ll want to purchase flood insurance now to avoid costly repair bills in the future.
For further information on flood insurance, give our Kingwood, WV office a call to schedule a complimentary consultation with a knowledgeable insurance professional that can answer your questions and help with selecting the best policy for your needs.