flood insurance

Should I Get Flood Insurance If I Live In a High Risk Flood Area?

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If you’re a homeowner looking to protect yourself from the financial liability of flood damage, you might be considering flood insurance. Understanding the benefits of flood insurance and who needs it can help you decide if this type of insurance is right for you.

The professionals at Robinson Insurance Group LLC, which serves Alabama, are here to answer your questions. We provide information about various insurance types, including flood insurance. Here’s what you need to know.

What Is Flood Insurance?

Flood insurance is a type of coverage that can help you recover from damage after a flood. Typical home insurance policies don’t cover floods, so you may benefit from flood insurance if you live in a high-risk flood area.

Flood insurance is essential for recovering from major storms that cause flooding and can help people who lack the funds to rebuild their homes fully after a flood.

Is Flood Insurance a Requirement?

If you’re buying a home in an area that’s at high risk for floods, your mortgage lender may require you to get flood insurance. Your mortgage lender will inform you if flood insurance is a requirement for borrowing money to buy the home you want.

Even if flood insurance isn’t required, perhaps because you’re planning to pay for your house in cash, flood insurance can still provide you with peace of mind as a homeowner. Flood insurance can pay to rebuild your home’s structure and replace destroyed belongings.

Do you need flood insurance? The professionals from Robinson Insurance Group LLC, servicing Alabama, can help. We assist homeowners in finding the flood insurance policy that’s right for them. We can help you find the policy for you.

How Does a Disaster Declaration Affect Flood Insurance?

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Experiencing a flood can be devastating. Sometimes, when flooding occurs, a disaster is declared; other times, it is not. When flooding happens in Alabama, it’s important to understand how a disaster declaration can affect your flood insurance.

Flood Insurance and Disaster Declaration: What It Means

A particular area is declared a disaster when the governor of that state requests an official disaster declaration from the president. An official disaster declaration is required to receive flood money from FEMA. It’s important to note that FEMA requires anyone receiving FEMA assistance in Alabama to buy flood insurance to protect against future flooding.

However, a disaster declaration does not need to be declared to receive money from a private insurance company. This is an extremely important difference. If you don’t have private flood insurance and your area is not declared a disaster by the government, you are likely responsible for all damage to your home and belongings.

Why It’s Important to Select Private Flood Insurance

There are different types of flood insurance available. One is the National Flood Insurance Program (NFIP) offered through FEMA. This is sometimes less expensive than private insurance but is less flexible, and options are limited. You would also have to wait 30 days before the NFIP takes effect. Private flood insurance is usually broader and provides more options, and the waiting period is sometimes shorter than 30 days.

At Robinson Insurance Group LLC in Alabama, we can offer you flood insurance that meets your individual needs. Since 2003, our agency has been working with multiple carriers to provide various insurance options. You’ll want to talk with us about purchasing private flood insurance. Contact us at the Robinson Insurance Group LLC today.