Just because the previous and/or current owner of your home is not required to have flood insurance does not mean you will not be required to get it. Flooding is the #1 natural disaster and most insurance policies do not cover flood damage. In addition, if you are in an area that gets hit by flooding and qualifies for federal assistance, the assistance is usually in the form of a low interest loan which must be paid back.
Per FEMA, 30% of all flood insurance claims are filed by people living in low to moderate risk areas! So, flood insurance isn't only needed by those who are required to get it by their mortgage companies.
Go to www.floodsmart.gov and enter your address to check your property's risk level.
If you are renting, make sure first of all that you have renters insurance (it's very inexpensive) and also check to make sure your belongings are insured against flooding.
If you live in a condominium complex that is located in a flood zone, your complex's master insurance policy will most likely include flood insurance; however, you will still need to check your personal property policy to see if it protects you against flooding.
Flooding can be caused by things other than natural disasters! A neighbor's leaking pipe, backed up drain lines, heavy rain combined with slow drainage - these can also cause substantial damage.
When a hurricane or tropical storm has formed, there is usually a moratorium placed on insurance policies in the areas which could be affected. Since we are not in hurricane season right now, it's a great time to update your insurance and make sure you and your family are adequately covered!
To get more information on insurance, please contact me and I will be happy to put you in touch with a reputable insurance professional who can answer all of your questions.
Tina in Virginia
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