With flooding on the rise – even in areas that do not commonly see significant water accumulation – the need for flood insurance has never been higher. Depending on where you live or the type of mortgage you have, you may be required to carry flood insurance. Contrary to popular opinion, flood insurance is not covered under your homeowner’s insurance policy, and even the smallest amount of water can cause thousands in damage.
According to FEMA, high-risk flood areas are identified on the Flood Insurance Rate Map under the label "Special Flood Hazard Area." These areas meet this threshold by having a 1% or higher chance of having a flood event that equals or exceeds the previous year. If you live in a high-risk flood area and have a mortgage, you’ll be required to carry flood insurance. Low-risk flood zones are labeled as Zone C or Zone X. Bear in mind that just because you live in a low-risk flood area, it does not mean you cannot suffer damage from a flooding incident. Consequently, the best way to protect yourself and your home are to have adequate flood insurance coverage. Furthermore, FEMA’s flood zones are not updated in real-time, so you may be looking at historical data that does not adequately reflect the current situation.
For more information on flood insurance and to purchase a policy, give Stalwart Insurance in Pittsburgh, PA a call. We’ll help determine if you are in a flood zone and illustrate flood insurance’s benefits. Give us a call today to schedule a no-obligation consultation with a member of our team.
