Flood Safety Tips Before You Move Into Your Home

When you buy a new home, you want to know what you are getting yourself into. Your home’s location might make it more prone to certain risks. For example, a flood on your property could damage your property, leading to repair costs. You might want to turn to your property insurance for help repairing the damage. 

Nevertheless, floods are unique occurrences. You might need to have a specialized flood insurance policy in order to have protection. Usually, standard homeowners insurance will not cover floods. When you buy a home, learn about your flood risks and determine whether you need this insurance coverage. 

1. Know Your Flood Risks 

Every property has a flood risk. However, some properties have more flood risks than others. For example, homes that lie on flat ground or near bodies of water often have higher risks of flooding.  

Flood maps are a good way to get a general gauge on how likely a food is to occur in your home. These maps highlight how much flood risk particular swaths of property have. They might assign a risk rating to your property. Your flood risk rating could affect your need for flood insurance. Therefore, before moving into your home, obtain your flood map. Keep in mind, some areas might not have a rating. 

2. Examine Your Homeowners Insurance 

Most standard homeowners policies don’t carry flood coverage. This is due to many of the cost risks associated with assuming flood protection. However, homeowners insurance might cover damage from certain instances of flooding.  

For example, if a pipe bursts inside or outside your home, it might cause a flood. Your policy might cover these instances. However, home policies will likely not cover floods resulting from weather-related risks. 

3. Find Out Lender Requirements 

When you decide to buy a home, you will likely finance it through a bank or a mortgage lender. Your lender will likely require you to carry homeowners insurance. Homeowners who will live in high-risk flood zones will also likely face a requirement to get flood coverage. Therefore, if you find out that you are going to live in a flood zone, talk to your mortgage lender. They can provide you with information on meeting their insurance requirements. 

Once you know that you need flood insurance, we can help you determine the value of coverage you need to protect your home. You will likely need specially-tailored coverage to meet your specific needs. For more information about flood insurance, contact us today.