You May Need Flood Insurance Even If You Don't Live in a High Risk Area

A Insurance Article Contributed by Brandie King

Introduction to Flood Insurance

You might not think about the fact that your homeowners insurance policy does not cover flooding, but it is something that you need to be thinking about, especially if you live in an area that is very prone to flooding. You might live on the beach, on the shores of a lake or river, or maybe you just live in a low lying area that could be easily flooded.

No matter which of these situations is suited to you, you need to consider getting flood insurance to, which is a policy completely and wholly separate from your homeowners insurance policy. Flood insurance will cover both your house and its contents in the event of a flood.

You should also consider the possibility of purchasing flood insurance even if you do not live in an area that is prone to flooding because other events such as heavy rains, melting snow, and overloaded drains could still cause you to suffer the effects of a flood.

Information You Should Know about Flood Insurance

The place that you should look to buy flood insurance if from the company or agent that currently carries your homeowners insurance. You might even get a discount for having more than one type of policy with the same company. You can normally get around $250,000 in coverage for your house and $100,000 in coverage for the contents of your house.

Your premiums will be based, in part, on where you live because some areas are at a higher risk for flooding and some are at a lower risk and therefore will cost less, but will usually run $500 or less per year. You will normally have a 30 day waiting period after your purchase a flood insurance policy before it goes into effect. Flooding from wind driven rain, damage from hail, and basement flooding are some things that will not be covered by a flood insurance policy.

The Zone You are in Will Determine If You Should Get Flood Insurance

There are zone categories that are used to determine how high the flood risk is in any particular area. V Zones are the most hazardous and generally include the first row of beach front properties, and those living there will usually pay more than $1000 per year and have no choice but to get flood insurance. A Zones are next to V Zones in terms of how hazardous they are and are usually close to a river, lake, stream, or other big body of water.

Flood insurance is required in A Zones as well and will run about $600 per year. X Zones are low-risk zones and homeowners living in them are not required to get flood insurance. Those is X Zones can pay as small an amount as $300 per year for their flood insurance premiums. You can find out what zone you are in by visiting the website for the Federal Emergency Management Agency at http://www.fema.gov/maps.