How Can I Choose the Best Flood Insurance?

Floods are an incredibly devastating natural disaster, and they can strike at any time. Just one inch of flood water in your home can cause $21,000 in damages, or perhaps even more. And unfortunately, if a flood happens, your homeowners insurance won’t help you recover.

That’s why flood insurance is so important. Whether or not you live in a high-risk flood area, this specialized insurance can protect you against the damage and destruction floods can cause – without breaking the bank.

If you’re wondering how to choose a flood insurance policy, follow these tips.

Determine What Kind of Insurance You Need

Not all flood insurance policies are identical. Like auto or homeowners insurance, you can customize and adjust your flood insurance to suit your specific needs. 

But before you can decide on a policy, coverage level, or even an insurance company, you’ll need to consider your options. 

First, you should determine if you live in an area that’s a high-risk zone for flooding. Usually known as Special Flood Hazard Area, these regions may require homeowners to carry flood insurance. You may have special policy requirements or coverage minimums.

If you live in a moderate- or low-risk zone for flooding, insurance isn’t required. But it is a good idea. While flooding may be rare, it happens more often than you’d think – according to FEMA, flooding has occurred in every U.S. state at least once over the last 5 years.

Even if you aren’t worried about your risk, flood insurance is a smart investment. And when you’re considering this type of policy, you can adjust your coverage level based on your risk of a disaster occurring. Your home’s location and previous flooding in that area can help you determine just what insurance you need.

Should Seniors Have Flood Insurance?

Older adults might pass on flood insurance, thinking they don’t need to worry about their risk or their home. But seniors are at just as much of a risk as any other homeowner.

And when flooding happens unexpectedly, it could pose a bigger financial problem for seniors. Flood damage requires expensive and extensive repairs. If you’re living on your retirement savings, you don’t have the money to spend tens of thousands of dollars on repairs. A single flood – or just an inch of water – could financially ruin you.

Seniors who live anywhere it rains should consider flood insurance. As experts told The Simple Dollar, rain can easily cause floods. And snowfall, hurricanes, and even spring thaws can do the same.

Flood insurance will give seniors both peace of mind and protection.

Consider the Top Insurance Companies

Once you’ve decided to get flood insurance, the next step is choosing an insurance provider. The company you choose will set your policy and your monthly or yearly premiums. That’s why it’s important to pick an insurance company that offers adequate coverage, great service, and an affordable price.

Fortunately, there are many insurance companies that offer flood insurance. And if you’re looking for the best flood insurance available, you’ll want to consider the following providers.

Geico

Geico Flood Insurance has been around since 1936, and it’s one of the largest flood insurance providers in America. With budget-friendly premiums and several different types of personal property coverage, Geico offers different options that will meet homeowners’ specific needs. 

Liberty Mutual

With an even longer history than Geico, Liberty Mutual Flood Insurance has over 100 years of experience in protecting homeowners and their properties. You can choose from a big selection of different insurance policies, including both private and NFIP-backed flood insurance. With a flood insurance policy, Liberty Mutual offers homeowners recommended contractors and speedy repairs.

Travelers

Travelers Flood Insurance is well-known and reputable throughout the U.S. – and with partnerships with the National Flood Insurance Program and American Bankers Insurance Company of Florida, homeowners can get more specialized policies. Travelers also offers convenient bundling options to save you money.

Allstate

One of America’s most popular insurance companies, Allstate Flood Insurance will give you a policy that’s as comprehensive as any other Allstate policy. You can insure your personal property, your actual property, and choose between private or NFIP flood insurance depending on your specific needs. You can also work with a local agent for one-on-one help at any time.

Flood Insurance Can Protect Your Home Today

Are you ready to increase your protection and get more peace of mind? While a surprise flood might not be the first kind of emergency you think of, it’s a surprisingly common one. And just an inch or two of water could result in a serious financial crisis.

No matter your location or your age, flood insurance is an important investment. That’s why you should take steps to get a flood insurance policy today. 

To do this, you’ll need to follow these tips. Consider where you live and what your risk of flooding is. Then, check out different flood insurance providers online – with a single search, you can compare multiple insurance companies and their policy choices. Then, don’t forget to compare pricing and premiums. With that information, you’ll be well-prepared to choose a flood insurance policy that can protect you, your home, and your family.

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