Flood Insurance in Kokomo, IN
Floods are among the most common and devastating natural disasters regularly affecting U.S. homeowners. Even an inch of floodwater can have catastrophic consequences for your property and finances. Like any other investment, your home must be financially protected from potential risks and exposures, such as floods. With that in mind, you should understand, acquire and maintain suitable flood insurance.
How Does Flood Insurance Work?
Flood insurance can be acquired through the National Flood Insurance Program managed by the Federal Emergency Management Agency (FEMA). These policies provide coverage for homeowners as they attempt to insulate themselves from flood-related losses. In addition, you may also be able to acquire flood insurance through the private market.
How Much Does Flood Insurance Cost?
As a homeowner, your flood insurance premiums will depend on how insurance companies assess your risks, exposures and coverage needs. Insurers must first understand your risk levels before determining your insurance needs and providing an accurate quote. In most cases, this process will include an analysis of the following:
- Local flood risk levels
- Specific location (e.g., elevation, proximity to bodies of water)
- Property details (e.g., age, building materials)
- Policy details (e.g., coverages, endorsements, deductibles, limits)
How Much Flood Insurance Do You Need for a Mortgage?
If you’ve purchased your home with the help of a mortgage, your lender will likely require you to retain certain levels of homeowners insurance. However, standard homeowners policies do not generally include coverage for floods. So some lenders may require you to maintain minimum levels of flood insurance. Requirements may vary, but if your home is in an area considered to be at high risk for flooding, it may be more likely that your mortgage will include a flood insurance requirement.
Get the Right Coverage
Floods can wreak havoc on your home and possessions. Without suitable insurance, such property damage could lead to significant financial losses and out-of-pocket costs. Fortunately, flood insurance can be a crucial lifeline.
We’re here to help. At Crume-Evans Insurance, our agents have the knowledge and experience to assess and address your home and circumstances, and ensure that you have adequate coverage for floods. Contact us today to get started.