Floods can leave trails of destruction and extensive damage to your houses. Worst still you can only avail of a loan in a form of Government aid, which you need to repay. Even before you are eligible for a loan, an area where you are staying have to be declared by Federal disaster area and Federal disaster assistant.
So if you are in a flood-prone area, be always prepared with a family emergency plan and with that get a flood insurance coverage.
Standard homeowner insurance policy does not cover the cost of flood damages, which makes it pertinent to have a National Flood Insurance Program through an insurance agent.
You can discuss with your insurance agent regarding the coverage that is required and the cost of the same. You can analyze the level of the flood risk in your area through NFIP flood risk maps and then decide the amount of coverage you require. If your home is in the high flood prone area and you are carrying a mortgage from a federally regulated and insured lender, it is mandatory for your lender to get flood insurance coverage on your owned property. However, this case is not implied if your home falls under moderate to low risk area. However, a lender may make it necessary for you to have flood insurance any time –even though legally it is not mandated.
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To get NFIP insurance, your community needs to participate in the program. It is suggested that you should do it though not every municipality across the County does it. Any of the problem or damage caused by the floods is covered under the insurance plan. Deductibles are applied to buildings or any other property damaged, like other insurance plans. Higher deductibles will reduce the premium you pay but also lessen your claim payment. Your mortgage lender can also place a maximum amount of deductibles.
Also Read Here: Why You Need Home Insurance If You Are Living In Houston?
Rates of the insurance remain almost the same from whichever agent or company you wish to have insurance coverage. The rates depend on different factors like the date and type of construction, including the level of risk. Many of the premiums also include Federal Policy Fee and ICC premium. In case, your community takes part in the Community Rating System(CRS), you can avail of 45 percent of an insurance premium discount and ten percent in moderate to low areas.