Keeping your home properly protected from a calamity is very important. When you are looking to protect your Virginia Beach, VA home, it is essential to have all costly scenarios adequately covered. One additional type of insurance that many should consider getting, but don’t realize is separate from home insurance, is a flood insurance policy. There are two main situations when you will need to have flood insurance.
When you are in a Flood Zone
The federal government has established a flood map that designates which areas of the country are in high-risk flood areas. If your home is in an area that is considered high-risk, your mortgage lender will ask you to acquire flood insurance on top of your normal home insurance policy. In most cases, they will also escrow for your flood insurance costs to ensure that there is not a lapse in coverage. While it is not required by law, many mortgage lenders will also require flood insurance if you are in a moderate risk zone.
Lack of Flood Protection
Another situation in which you should have flood insurance is if your home does not have adequate flood protection. If your home does not have a flood management system, such as a sump pump, you are vulnerable to the risk of flooding in your home. Since the cost of flood repairs are not often covered by a base home insurance policy, it would be a good idea to purchase the additional coverage. This coverage will protect you in the event a flood damages your home.
For those that are in the Virginia Beach, VA area and think that they may need flood insurance, please reach out to the Armor Insurance Group immediately. The Armor Insurance Group will be able to provide you with information about whether you need flood insurance and what level of coverage you should receive. Our agents can answer your questions and provide you with a quote.