Your private home lender might solely require flood insurance coverage in case you dwell in an space at excessive threat of flooding, however all of us dwell in a floodplain. We talked to a FEMA expert about how flood insurance coverage works and why chances are you’ll want it.
Verify FEMA’s Flood Map Service Center to see in case you dwell in or close to a flood hazard space. However because the FEMA skilled defined, even these dwelling outdoors excessive threat areas might flood. He mentioned as many as 65% of catastrophe help claims for flood harm have come from folks dwelling outdoors areas designated as flood hazard areas.
He additionally defined the bounds of catastrophe help. It’s not an alternative choice to flood insurance coverage. First, you may solely get catastrophe help after a catastrophe declaration. And catastrophe help is designed that can assist you get again in your ft – to make your private home livable – however to not rebuild it because it was earlier than. For that, you want flood insurance coverage.
Only one inch of water may cause $26,000 of harm to a house. To be sure you’re protected, ask your insurance coverage agent or firm about flood insurance coverage.
To be taught extra, go to FloodSmart.gov or review these tips.
