Many homeowners assume that their homeowner’s insurance covers flood damage. However, the truth is that most homeowner’s insurance policies do not cover damage caused by floods. In most cases, flood insurance is a separate insurance policy that must be purchased. At Jim Boyce Insurance, serving Matthews, NC, we love to take the opportunity to inform our clients and future clients on topics such as these. Keep reading to find out 3 things you need to know before purchasing flood insurance.
Understand Your Risks
The reason that flood insurance is not often included in a homeowner’s policy is that the risk of flooding varies so drastically from state to state and even from region to region within a state. This makes it necessary to customize a flood insurance policy to each region’s individualized risk factors. In order to understand what type of risk you are at, you will need to speak to an insurance representative.
Only Purchase What You Need
With something as unpredictable as flooding, the temptation is to purchase more insurance than is necessary. Take your time to research your risk factors for your area. This way you can feel confident about purchasing the right amount of insurance.
Review Coverages Closely
It is very important to review the coverages of a flood insurance policy. You will want to make sure that the policy is providing coverage that is relevant to you, your home, your property, and your possessions. If the coverages you are seeing will not cover an important topic for you, be sure to discuss this with your insurance representative. In some cases, a policy can be customized to meet your needs.
If you would like to learn more about flood insurance, please contact our friendly staff today. The knowledgeable insurance representatives at Jim Boyce Insurance, serving Matthews, NC are ready to answer your questions.