INSURANCE FOR WILMINGTON NC
INSURANCE FOR WILMINGTON NC
INSURANCE FOR WILMINGTON NC
Typically, homeowners and renters insurance does not include coverage for flood damage. According to the FEMA website, the government has “mandated federally regulated or insured lenders to require flood insurance on mortgaged properties that are located in areas at high risk of flooding. But even if your property is not in a high risk flood area, your mortgage lender may still require you to have flood insurance.” So, is flood insurance required? It depends. An insurance professional can help you do research needed to see if you have a requirement.
You can check this link provided by the state of North Carolina, which offers a free flood zone map for the public to use and download. Your mortgage lender may still require you to have flood insurance. Or, you might still consider getting flood insurance even if it isn’t required just for your own protection. It’s pretty clear from the news these days that floods are serious business, and sadly, becoming quite a common occurrence. And, according to FEMA’s website, “More than 20 percent of flood claims come from properties outside the high risk flood zone.”
The good news is that if you opt to buy flood insurance on your own from a low to moderate flood-risk zone, you may be eligible for preferred-risk rates.
Ok, if I get flood insurance, what does it cover?
Most policies will provide coverage on contents and property, but will adjust for depreciation. Also there is lots of stuff that isn’t covered by flood insurance, including water damage coming from inside the home or swimming pools. It’s important to go over the coverage with your insurance agent to have a clear understanding of your coverage.
Most insurance companies will not be able to create new Flood Insurance Policies or update existing policies while under a hurricane watch or warning or related weather circumstances. If you think you might need flood insurance, the sooner you are covered, the better.
Don’t wait until it’s too late!
Give our office a call to speak with one of our agents that can provide Flood Insurance for Wilmington, Wrightsville Beach, Kure, Carolina Beach, Southport, Leland, Hampstead, and surrounding areas.
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INSURANCE FOR WILMINGTON NC
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