When living in and around Selden, NY, it is important for you to consider flood insurance. Flood insurance provides additional coverage your standard home insurance policy likely doesn’t provide. Having flood insurance may be the difference between your entire home being covered or having to pay out of pocket. At XL Brokerage Inc. we want to make sure you understand what flood insurance covers and why it is important to you.
The National Flood Insurance Program
Most insurance providers work through this federal program, NFIP for short. The insurance coverage provides $250,000 for your home and $100,000 towards your personal property. Your own home owner’s insurance covers basic rain water and maybe a burst pipe in the basement, but in the event of rising water from rivers and lakes, this kind of water damage is not covered.
High Risk Area
When buying a new home, if the property is located in what is known as a "high-risk zone," your mortgage may actually require you to opt into this kind of insurance coverage. It is extremely beneficial though. If your home is valued at more than a quarter of a million, you can also look towards excess flood insurance, which provides additional insurance coverage for more valuable properties. Of course, this kind of insurance is not something that everyone needs. If you’re interested though, make sure to discuss the potential with your current home insurance provider to see what kind of flood insurance they recommend for your current situation and where you live.
Investing in flood insurance is always recommended as it provides additional coverage your standard home insurance doesn’t. Whether you live in Selden, NY or you call another area home, our team at XL Brokerage Inc. is here to assist you