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Flood Insurance

For those who live near oceanfront areas, floodplain areas, and other high flood areas are wise to consider investing in flood insurance. Some common examples of what can cause a flood are hurricanes and rising ocean tides from climate change, which cannot necessarily be stopped; they can, however, be prepared for with the proper flood insurance policy. Even when not in an area with high potential for natural flooding, flooding can occur from pipe leaks, and at times aquatic pets and tank malfunction. Sometimes flood insurance is mandatory in order to obtain a mortgage. Before buying a house it is important to understand if the requirements include flood insurance, even if it does not seem to be in a high risk zone. Flood insurance is required for, and typically covers, damage to property and property structure, and there are additions that can be purchased for personal belongings and furniture.

If you find that you are in a high risk area, check if you are eligible through the federal National Flood Insurance Program (NFIP) for homeowners. One way to access flood risk is to go to FloodSmart.gov and look at the properties you are interested in to see if they are likely to require or highly recommend flood insurance. In order to obtain this type of insurance, you have to live in a high risk are a or live in a participating community. Participating communities work together collectively to reduce the risk of flooding by enforcing and following ordinances set in place. Flood insurance does not cover things such as easily avoidable damage caused by mold or mildew, currency, precious metals, valuable papers (ex. stock certificates), swimming pools, hot tubs, patios, decks, temporary housing, loss regarding business or vehicles. The premiums on flood insurance range from $500 to $1,300 depending on the type of coverage suited to your needs.