If you’re reading this article, you may be asking yourself “do I need flood insurance in Massapequa?” Flood insurance is required for borrowers who have a federally-backed mortgage and live in a designated flood zone. While those living outside of flood zones aren’t required to have flood insurance, it may be a good idea to invest in a low-cost flood insurance plan.
Are you curious about flood insurance and whether or not you need it? This article discusses the different aspects of flood insurance and whether or not you need flood insurance in Massapequa.
What does flood insurance cover?
Like other types of insurance, flood insurance protects your personal belongings and other items of value in the event of a flood. The National Flood Insurance Program (NFIP) covers physical losses to the structure of your home and other items inside your home.
It’s important to know that there are 2 types of flood insurance coverage. First is building coverage, which helps to protect important things like plumbing systems, electrical wiring, hot water heaters, refrigerators, stoves, window blinds, detached garages, and fuel tanks. Next is content coverage, which protects your clothing, electronics, furniture, artwork, carpets, and microwaves.
What doesn’t flood insurance cover?
While flood insurance is great for covering the essential items listed above, there are some things that flood insurance doesn’t cover that you should be aware of before investing in a flood insurance policy. First, flood insurance doesn’t protect currency or precious metals. This means if you have extra cash or gold bullion lying around, it won’t be protected if they are damaged or lost due to a flood. Flood insurance also doesn’t cover cars or automotive parts as well as decks, patios, fences, hot tubs, and septic systems.
Flood insurance cost
Although flood insurance may not be necessary in your neck of the woods, it may be a good idea to invest in a policy if you can afford it. There are several things that go into determining the price of flood insurance. The primary factor in the cost of flood insurance is your location and flood zone designation. The insurance company will look at your proximity to bodies of water and the risk that you assume when buying a home in that area. They will also look at the flood zone designation and whether or not you’re currently in a flood zone.
While the cost of flood insurance can vary, policyholders pay an average of $771 per year or $64 per month for their flood insurance plans through the National Flood Insurance Program.
Flood zones
Flood zones are designated areas that are generally prone to flood-related issues. While everyone lives in an area that can experience damage from flooding, you should be aware if your location is designated as high-risk, moderate-risk, or low-risk. High-risk areas are most likely required to have flood insurance while moderate and low-risk may have optional flood insurance requirements.
Final thoughts
So, do you need flood insurance in Massapequa? The area is generally considered to have a low risk of flood-related issues, so you may purchase optional coverage. Looking to sell my home in Massapequa? Contact the Kim Holland Homes Team today to buy or sell your next home.
