Ask anyone who has been through a flood and they’ll tell you it’s a nightmare: Furniture floating, water splashing at people’s roofs and complete chaos as entire livelihoods are swept away. With the right conditions, almost any waterway can reach flood proportions. If your home or neighborhood were facing a rising water line, what would you do? You might also wonder if you really need flood insurance.
Whether or not you need flood insurance depends, but one thing is certain – knowing the truth about flood insurance can impact your life greatly.
Truths About Basic Bradenton Homeowners’ Insurance
It’s not unusual for people to think that their basic homeowners’ insurance policy covers floods. You’re not alone if you think that damage done by snow or hurricanes are covered as well. This leaves many homeowners vulnerable when they need help from their homeowners’ insurance the most. It’s common for insurance companies to refuse to pay for water damage from events such as these.
Facts You Should Know
- Premiums for flood insurance will vary based on home construction, year, and estimated risk.
- You can’t shop for an insurance policy because you see a big storm brewing! There’s a 30 day waiting period before coverage goes into effect.
- While you’re in the mortgage process, you may waive the 30 day waiting period if you buy flood insurance, but there is no guarantee.
- Unless the area is declared a disaster zone, the US government will not offer flood aid.
- Buyers may see a flood insurance requirement by the lender as a major negative.
- Flood maps change, so make it a point to check floodmap.net for information.
- Flood insurance might not cover everything in your home. Read the terms of your policy carefully.
Of course, the choice is up to you unless it’s required by your lender, but it’s important to ask yourself whether your savings is worth the risk.
Be prepared for floods by checking out this website.
If you’re curious who offers flood insurance in the Bradenton area, get in touch with me. I can refer you to someone I know and trust.