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Flood insurance is something every homeowner should consider. According to the National Flood Insurance Program (NFIP), every home in the United States is at risk of flooding. Your home does not have to be located near a body of water or in a low-lying area to be flooded.
Causes of Flooding:
Floods have a variety of causes. Heavy rainfall from normal storms or hurricanes is the most obvious cause of flooding. Floods can also be caused by winter storms that bring heavy snowfall. When the snow melts, streams and rivers become loaded with excess water. Even if there isn’t much rain, all of the melting snow can cause severe flooding. New land development can also cause flooding. As the paths of water runoff are changed, previously dry areas can quickly become inundated with water.
Cost of Flood Insurance:
The cost of flood insurance will depend upon your flood risk. Insurers use a flood insurance rate map that shows the flood risk of certain areas to determine the cost of the policy. The cost can also vary depending on the value of your home and belongings.
If you live in a high-risk area, you may need to buy flood insurance as a condition of your mortgage. Even in areas with low risk, flood insurance is often a good idea. If your home is in a low-risk area, your premium will be relatively low compared to the amount of coverage you can get. Remember that your typical homeowner’s insurance policy does not cover damage due to flooding.
For more information on purchasing flood insurance, please contact Assure America.