Flood Insurance Basics
Flood Insurance Basics
Flood insurance might not seem like an essential to the average person, in fact, according to a poll that was conducted by the Insurance Information Institute in 2016, only 12% of U.S. homeowners were recorded to have flood insurance. But, when you live in the Ozarks, it is definitely worth considering! So what do you need to know about flood insurance? Keep reading!
First of all, flood damage is not typically covered under just any typical homeowners plan. Because of this, the federal government offers assistance to obtain this insurance. The National Flood Insurance Program (NFIP) was established in 1968. The Resource Center can also obtain private coverage for a property through Auto- Owners Insurance. Get in touch with your agent and they should be able to help you through the process.
Once you decide you want to purchase a policy, you’ll have to decide if you want coverage on your property, personal belongings, or both. Also it is important to be aware of what is not covered under flood insurance. Most underground rooms like basements and crawl spaces are usually not covered, along with outdoor property including your patio, deck, fences, lawn furniture, etc. Damages to your vehicles from a flood are usually not covered under the flood insurance, but check over your auto policy as it may be covered there.
Flooding may not be a common issue in your area, but we all know mother nature is unpredictable and it’s better to know in the event of a flood, your home and property would be taken care of. Talk with your agent to see what coverage you currently have, and ask them to give you more information on the National Flood Insurance Program.
If you have any questions or would like to know more on this topic, you can give our office a call at 417-882-1800, or stop by anytime.
We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
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