Myths about Flood Insurance

Floods can cause a lot of damage and having additional flood coverage will help you protect your home and belongings, but there are a few myths you should know about before your purchase a policy.

1. You Can’t Buy Insurance if You Don’t Live in a Flood Plain

If you live in a flood plain then you will be required to get insurance, but even if you don’t live in a flood plain you will still be able to get flood insurance if you want it.

2. A Homeowner’s Policy Covers Floods

A standard homeowner’s policy will not cover floods, which is why there is additional flood insurance. There is a 30-day waiting period for flood insurance, so if you want it you have to plan head.

3. If You Didn’t Need It When You Bought Your House You Won’t Ever Need It

Flood plains can change and just because you weren’t in a flood plain when you purchased your property doesn’t mean you won’t be in a few years. Keeping up to date by speaking with an insurance agent at Insurance Shopper VA will help you determine if insurance is needed.

4. Flood Insurance Covers Everything

Flood insurance may cover most of the physical structure of your house, depending on the value of your home. However, it won’t cover things like living expenses if you have to relocate.

5. Flood Insurance Is Only for Homeowners

You may be able to purchase flood insurance if you are a renter, condo owner or business owner in certain areas. The maximum amounts vary depending on needs. There is a $250,000 coverage limit for single-family residential buildings and condo owners and a contents coverage limit of $100,000, which is available to renters.

Contact an agent at Insurance Shopper VA, serving Virginia Beach, if you are interested in flood insurance.