Flood insurance can help protect your financial investment in your home in the event of a flood. Without flood insurance, you are responsible for all the costs associated with water extraction, mold removal and renovating due to water damage. If you are looking to purchase a flood insurance policy, you may be unsure what factors you need to consider. Here are a few of the factors you need to consider brought to you by Idaho Select Insurance, serving the greater Meridian, ID area.
What Flood Plain Your Home is Zoned For
There are different floodplains that homes may be zoned for. These floodplains typically designate the area as being high risk, moderate risk, low risk or unknown risk for flooding based on previous data. If you live in a high-risk area, your flood insurance is going to be more costly than someone who lives in a low-risk area. As such, you should know the floodplain your home falls into so you are not blindsided with high quotes.
What Flood Insurance Covers
Different flood policies cover different things. For example, while your home itself, your belongings and any attached fixtures may be covered, items such as detached garages, barns and sheds may or may not be covered, depending on your policy. Always carefully read through the policy you are looking at to ensure it covers everything on your property.
What the Deductible Amount Is
Lastly, consider the deductible amount when getting flood insurance. Generally speaking, the higher the deductible, the lower your policy amount. However, you need to make sure you can afford the deductible in case of a flood. Don’t set the deductible amount so high that it causes you financial distress during an already stressful time in your life.
If you are ready to get quotes for flood insurance or want to buy a policy in the greater Meridian, ID area, Idaho Select Insurance is here to help. Call us today to obtain a free quote or to purchase a policy.