September is National Flood Preparedness Month
If flood insurance isn’t required as a condition of your mortgage, you’re not obligated to carry it; however it may be a good investment. Consider five factors as you decide whether or not you need this type of insurance coverage.
- Do you live in an area with a high flood risk? If so, you definitely want flood insurance coverage. That’s because your home, located near a river, stream, lake or flash-flood zone, faces a high threat of flooding. Protect your home and its contents when you buy a flood insurance policy.
- Do you live in a low flood risk zone? Consider that the local sewer system or nearby storm drain could overflow and cause extensive damage. Because a flood insurance policy typically costs less for customers who live in low-risk areas, purchasing a policy makes sense even if you don’t live near a major body of water or in a flood zone.
- Do you rent your home? Most landlord insurance policies cover the buildings only. They do not insure your home’s contents. Consider flood insurance that replaces any possessions that are damaged by flooding.
- Do you have a mortgage? Check with your lender about flood insurance requirements. If you live in a flood zone, you will most likely need to carry this coverage and prove that you’ve purchased a policy before you can sign the loan documents.
- Do you own any possessions? In just a few inches of water, your appliances, furniture and other belongings can be damaged beyond repair. So, if you own any possessions, consider flood insurance that provides financial reimbursement and allows you to replace items that are damaged by excessive water.
Before discounting flood insurance, talk to your Cleary Insurance Representative. He or she will answer your questions and help you decide if coverage is a wise investment for you. In many cases, the coverage is invaluable.
Concerned about your personal insurance coverage? At Cleary, our experienced Personal Lines department will work with you to evaluate your insurance needs, identify exposures, and create a customized insurance portfolio. Give us a call today at 617-723-0700