How Do I Determine if I Need Flood Insurance?

If you’ve just recently purchased a home, you’re probably getting everything situated with your homeowners’ insurance if you haven’t finalized things already. Whether you’re aware of it or not, homeowners insurance does not cover flooding, so if you were to incur flooding in your home and file a claim with your homeowner’s insurance, it would likely be denied. Flood insurance is something that you must purchase separately. One problem many homeowners experience is not knowing whether they need flood insurance. Here is an overview that can help you make this determination. 

Where is Your Home Located?

One way to determine whether you need to obtain flood insurance coverage is to consider where your home is located. If your home is in Brooklyn, NY, you should know that this area is prone to floods. What does this mean? This means there is a higher likelihood that your home will incur flooding damage, so ensuring adequate flood insurance is recommended. 

Does Your Lender require Flood Insurance?

Some mortgage companies require that anyone with a mortgage through them also have flood insurance. Suppose the mortgager informs you that flood insurance is mandatory in addition to homeowners’ insurance and you fail to comply. In that case, the mortgage company will likely purchase the coverage and send the invoice to you. If this happens, chances are the flood insurance rates will be significantly higher than if you’d gotten a plan yourself. 

So, if you’re a Brooklyn, NY, homeowner looking for a great flood insurance provider, you should consider VAC Insurance Agency. Not only do we at VAC Insurance Agency go above and beyond to ensure customer satisfaction, but we also have excellent coverage that you can rely on. Give us a call today for a quote.