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Do you need flood insurance?

imagesfloodIf you live in Washington or Oregon the threat of a flood is always around the corner. Even if you think you live in a safe spot, flash floods and nearby overflowing rivers can leave a devastating path. Most basic homeowner’s insurance policies do not cover damage from flooding in their clauses, and an additional flood policy may need to be purchased.

All insured lenders are required by federally regulated laws to require flood insurance on properties that are located in areas that are labeled “high risk” for flooding.  So, you mortgage company may require you to purchase additional flood insurance in addition to your homeowner’s insurance policy.

Lenders have a database of risky areas, and use your address in this system to determine whether or not your home is “at risk”. If your home is in a high risk area this means that there is at least a 1 and 4 chance of flooding in a 30-year loan period.  If your home is in the “moderate-to-low risk” are less likely to be flooded, but still are required to have flood insurance.

Your homeowner’s insurance agent can help you find the right flood insurance policy for your home. Your mortgage company will need proof of coverage, and if you make any changes or switch insurance companies you will need to notify them. Vern Fonk Homeowner’s Insurance Agents are very experienced with flood insurance policies and can find you the best policy for your needs and budget. Call us today!