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- Required by Mortgage Lender
Even if you are not required to have flood insurance under your loan agreement, it is still a smart idea to have a policy to make sure your home is appropriately covered if an event should occur. If you live near the water, whether you are in a flood zone or not, you should check to see what your coverage is under your home insurance policy. If you do not have adequate insurance for flood damage, you should consider getting a separate flood insurance policy to give you coverage and peace of mind.
For those that are in Florida, having flood insurance is often a smart idea. If you are looking to learn more about flood insurance, you should speak with the team at Singh Insurance and Financial Services, LLC. When you meet with the team at Singh Insurance and Financial Services, LLC in Clermont, FL, you will learn more about how flood insurance can help you and find a policy that gives your home or business the coverage to keep you financially stable. Contact our office in Clermont, FL to speak with an agent and get a quote.
- Is Flood Insurance Necessary in Florida?
A bonus to living in the state of Florida is being close to the water and ocean. It is a plus when accompanied with nice weather and easy living. However, this can also pose a variety of risks associated with flood damage to your home. Since your property is such an important asset, you may need to acquire additional flood insurance policies to protect your home. There are several situations in which having flood insurance can be beneficial.
- Required by Mortgage Lender
Due to the risk of flood damage, many mortgage lenders are very stringent when it comes to their flood insurance requirements. This is especially true if you have a mortgage that is FHA insured. If you do have an FHA mortgage and are living in a flood zone, you will be required by your lender to carry flood insurance at all times. The lender will likely take monthly escrow payments from you to make sure your flood insurance stays in place.
- Flood Insurance
Flood insurance is usually not included in a standard home insurance policy. This risk must be insured separately. Things to discuss with your insurance agent include:
- Flood insurance required by your mortgage lender.
- If the home is located in a flood plain.
- If the threat of climate change causes risk of the home flooding, even if not in a flood plain.
Also, talk about what considerations there are regarding water damage caused by an ocean storm surge or hurricanes.