Why You Need to Purchase Flood Insurance

Flooding is the most common natural disaster that occurs in the U.S. Unfortunately, it can cause devastating damage, and, in many cases, this damage is not covered by standard homeowner’s insurance policies. This is true for renters and condo insurance policies, as well.

If you want to protect your home, belongings, and finances from the possibility of flood damage, most experts recommend purchasing flood insurance Woodbridge VA.

The Basics of Flood Insurance

Flood insurance covers damage caused by externally caused flooding, including flooding from overflowing storm drains, snowstorms, levees, or heavy rains. Also, flood insurance is usually more than just a smart financial decision. In some areas, it is a legal requirement. Chances are, your mortgage lender will probably require you to purchase a flood insurance policy if you live in a designated flood zone.

What Flood Insurance Covers

Each flood insurance policy is unique; however, usually, policies will typically come with two types of coverage. One is dwelling coverage. This is the backbone of flood insurance and is mandatory if you purchase the policy. There’s no option to waive dwelling coverage. With this coverage option, you receive financial protection from the potential damage flooding may cause to your home’s structure, attached structures, and built-in appliances.

The other type of coverage is for your home’s contents. This covers all your belongings, including home décor, furniture, and clothing, up to the set policy limits. Remember, contents coverage is optional, and you can purchase a policy without this coverage option.

Protecting Your Investment

If you want to protect your home and investment, it is good to purchase flood insurance. By doing this, you can feel confident that you can recoup your losses if your home or belongings are damaged during a flood situation. Understanding what flood insurance does and does not cover can help you decide if this is an investment you want or need to make.