In Mississippi, flood insurance is a significant type of coverage that helps cover damages directly related to flooding events. Maxwell Insurance Group, Inc. can help you figure out if you need flood insurance, and how this insurance policy fits with the rest of your coverage. Homeowners should know how flood insurance works, including these crucial points.
Home insurance covers damage from specific events, like fires and wind damage from storms. That may make it sound like homeowners are covered by flooding under this type of policy, but that’s not the case. Floods are a separate catastrophic event that requires their own unique type of insurance in addition to more typical home insurance.
Flood insurance is usually based on location. Different areas are rated as flood zones, and each zone has its own level of risk for flooding. Flood zones, as you might expect, tend to be located along the coast and some rivers in the state.
In higher-risk zones, homes are often required by federal law to have flood insurance protection depending on the building in question. When buying a home, the seller is required to inform the new owner if the building requires flood insurance or not.
Even in low-risk zones where there’s still some chance of flooding, having flood insurance is an excellent idea. If you have a home loan or mortgage, then your lender will probably require you to have flood insurance no matter what zone you live in.
Environmental and construction changes can change flood maps and alter zones. A qualified insurance agent can help you find out if there have been any recent changes to your flood zone and if this will have an impact on your insurance or not.
To learn more about flood insurance, what sort of coverage you need, and if you live in a flood zone, contact Maxwell Insurance Group, Inc. of Mississippi today! We’ll help you get the policies that matter.