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Flood Insurance 101: A Closer Look

When purchasing a home, many people ask whether the house is located in a flood zone. If it is, this often means the buyer will need to get additional coverage to protect against potential flood damage. If your home isn’t technically located in a flood zone, you may think you don’t need flood insurance.  

We can’t emphasize enough how many times we have heard that and how often it hasn’t been true. The Midwest, with our influx of rivers and streams, is in some kind of flood zone. What a flood zone means is that basically you live in an area that has a risk of flooding, with some areas being more severe than others. You could live in a low-risk area, but still experience an unexpected flood. If you don’t have flood insurance, your home may not be covered should it experience water damage.  

Here are a few reasons why you should consider a policy for flood coverage:  

  • Your lender may require it. If you buy a home in a higher-risk flood zone, your lender will most likely require that you carry flood insurance as a condition of your loan. If you don’t need a loan and use cash to purchase the home in full, it will be up to you to decide whether you want to protect your home with flood insurance.
  • Flood insurance is a separate policy. A typical homeowner’s insurance policy won’t cover flood damage. Purchasing a separate flood policy is something you should consider. Lang Insurance can help you find the best coverage in your budget for your area.
  • What your flood insurance policy covers will depend on the policy itself. Most people who buy flood insurance want both their home and personal property to be covered. Make sure that your policy will cover both and not one or the other. 

Finally, be sure to stay updated on the flood zones in your area by checking out FEMA’s updated flood zone maps. If you have coverage now, it doesn’t mean that you’re covered to the level you want. It’s worth the time to contact us at 636-229-7000 at no cost to review your policy and make sure.