How do I know if I should buy flood insurance? One of the characteristics that make Florida unique is its long coastlines and the abundance of beautiful bodies of water that exist throughout its geography. What seems like an advantage for its residents and visitors, from an insurance point of view, constitutes a risk factor that should not be overlooked.
The location of the Sunshine State makes it prone to flooding, especially during the rainy season and bad weather.
Although most homeowners who purchase a home through a mortgage are required to have homeowners insurance, this policy rarely includes flood insurance. But, the law is clear, whoever has a mortgage-backed by federal funds, whose property is located in an area classified as high risk of flooding, is required to obtain flood insurance.
Such insurance will cover water-damaged home structures and personal belongings located within the property. That is, the walls of the house, the electrical system, appliances, furniture, carpets, the garage, the air conditioning equipment in the patio, and valuable items up to $2,500 will be covered.
FEMA insures some 5 million properties in the US, for which it has more than 1.3 billion dollars.
If you are buying a house, you must take into account this factor, if the property of your dream is located in an area classified as high risk of flooding, you will have to pay for insurance that protects it from the waters.
If in doubt, go to the FEMA page https://msc.fema.gov/portal/home and enter the property address. On the map, you will see if your house should have flood insurance or not. How do I know if I should buy flood insurance?
How do I know if I should buy flood insurance?
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