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Standard homeowner's insurance doesn't include coverage for flood damage. You must buy flood coverage separately if you want compensation after flood damage. Here are some of the circumstances that mean you need flood insurance.
You Live In a Flood Area
If your area has suffered floods in the past, there is a real risk that it might suffer floods in the future. Thus, the flooding history of your area should be your biggest consideration, when deciding whether to buy flood insurance. Maybe you live at the foot of a hill that usually sends surface runoffs down your way, you live next to a river that occasionally breaks its banks, or you live in a plain where surface runoffs don't have anywhere to go.
You Have a Mortgage
You have no option but to buy flood insurance, if you bought a house on a mortgage that you are still servicing. For one, the government requires lenders to include flood insurance in their mortgage packages for clients in flood-prone areas. Your lender is also likely to insist on flood coverage, even if you don't live in a flood zone.
The government requires flood coverage, to reduce the need for disaster assistance after a flood. Lenders require flood coverage, to protect their investments in case of floods.
You Have Benefited From Federal Disaster Assistance
The government usually distributes disaster assistance for victims of flooding; some of the assistance may go toward the reconstruction of flood-damaged houses. If you are a beneficiary of such a program, then the government may require you to carry flood insurance after your assistance. The government doesn't want people to depend on disaster assistance, every time they experience floods. Failure to buy flood coverage makes you ineligible for future disaster assistance.
Your Area Has Experienced Wildfires
Extreme wildfires increase the risk of flooding. Wildfires can ravage plants and strip the ground of the protective ground cover that typically slows down surface runoffs to prevent flooding. Once the ground cover is gone, surface runoffs can coalesce and form serious floods that can cause damage. Therefore, buy flood insurance, if your neighborhood has suffered serious wildfire in the recent past and the vegetation has not grown back.
You Live In a New Development
Lastly, it's a good idea to buy flood insurance, if you live in a new development. Construction activities increase the risk of flooding, in several ways. For example, construction activities compact the soil. Soil compaction reduces permeability, which reduces the volume of water the ground can absorb at any time. Construction activities may also block regular drainage channels.
Share3 July 2019
