It’s easy to get sunk by the misinformation around flood insurance. Fortunately, Advantage Service Insurance can throw you a lifeline. Serving the Erie, CO area, our experienced agents can create a policy that keeps you, your home, or your business afloat. Here we answer five common questions about flood insurance.
5 FAQs about flood insurance
What does flood insurance cover?
As its name implies, flood insurance protects against any damage caused by rising water. This applies to the building or any belongings inside.
How much does flood insurance cost?
Pricing will vary. Location, the type of coverage needed, and the property’s flood risk are all considered. If you live in a lower-risk area, you may qualify for a preferred policy.
Where can I buy flood insurance?
The government supports the National Flood Insurance Program. These policies are issued and sold through local, privately-operated, and federally-supported companies.
Am I already covered by an existing policy?
Many incorrectly assume they’re already covered. However, most standard homeowners policies exclude flood damage. This is also true if you are renting. While the leasing company has its own insurance, it typically only applies to the structure of the building. Any personal possessions inside would not be covered.
Is flood insurance required?
Flood insurance is only required for high-risk areas or for anyone who currently has a government-backed mortgage. But it’s always recommended. FEMA reports that individuals who live in low-to-moderate risk areas are especially susceptible to flooding. According to their data, these residents are still five times more likely to face a flood than a house fire.
Set up an appointment today
Advantage Service Insurance in Erie, CO provides more than just answers. We know that floods are unpredictable. Only a dedicated flood insurance policy can grant you protection and peace of mind.