Throughout the US, home and business owners must purchase flood insurance if their property falls within a flood zone. Virginia provides no exception to this. Your financial lender will probably require flood insurance while you re-pay your mortgage. After that, unless your property lies within a flood zone, you could drop the coverage. That's not advisable, though. Here's why.
Floods happen everywhere. It is the one peril that's not covered on homeowner's insurance. Some states do not list earthquake or wind damage on a home policy, but no state lists flooding.
To acquire flood protection for your home, you must purchase flood insurance. But, what about renters, you ask?
Renter's insurance covers the same perils as homeowners' insurance, but it doesn't include flooding. Flood policies come in two parts - structure and contents. You can purchase coverage for your contents only if you rent. You can purchase a structure only plan for any vacant building you may own. To cover a home or business you own that you actively use, you would need both types - structure and contents to protect your investment fully.
Floods cause massive damage. A flood of only one inch of standing water causes $25,000 of damage. They have numerous causes, too. Heavy rains, hurricanes, sewer backups, and other events make it a frequent issue. That's why the government created the National Flood Insurance Program. NFIP provides a government-backed insurance program to protect individuals and the insurance industry from catastrophic losses.
You do not buy directly from NFIP, though. Instead, you purchase from an insurance carrier that offers its policies.
Contact Mutter Insurance Agency of Virginia to learn more about flood insurance and how it protects you. Let us help you obtain the coverage you need for your home and business.
