Do I Need Flood Insurance? How To Assess the Risk o Flooding

Do I Need Flood Insurance? How To Assess the Risk o Flooding

Flood Insurance

When you buy a home and finance it through a bank or mortgage company, you will need to secure homeowners insurance to protect against liability and property damage. Most policies do not cover flooding that results from severe storms, broken sewage systems, or improper drainage. That would instead fall under the coverage of flood policy. So, how do you know if you need to add flood insurance to your policy? 

Check Flood Zones

One of the best ways to determine how likely water damage is at your home is to check the flood zones in your area. Research flood insurance maps to see how close property boundaries fall to danger zones and base your decision on that. These can change over time, so be sure to stay current on where you are in relation to flood lines. 

Look in the Basement

If your home has a basement, check for signs of previous water damage. Watermarks on the walls, mold deposits, and a musty smell are signs that water has infiltrated the space in the past. 

Have Property Drainage Inspected

Every property is graded to channel rainwater away from the home’s foundation. In some cases, that means a drainage system must be installed. Have an inspector come out and check any drainage pipes, land grading, and runoff diverters to ensure they meet the property’s current needs. 

Not every home needs to have flood insurance. Learning how to assess your risk for flooding can help you secure the right policy for your needs.