Whether your home is on the coastline or in a landlocked neighborhood, floods can be catastrophic and costly. Because of this risk and homeowners insurance not including coverage for flood damage, flood insurance is an essential commodity for many homeowners. But how can you know if a flood policy is right for you? To help you decide, here are some of the most important things to know about flood insurance:
Mortgage lenders often require flood insurance for buying a home. This is especially common in areas with higher flood risk, but may be a requirement in other circumstances. The best way to know if you'll need flood insurance to get a mortgage for purchasing or refinancing is to find out if you're in an official flood zone as designated by the Federal Emergency Management Agency (FEMA) and discuss it with your lender.
If flood insurance isn't required where you live, you may still want to consider the investment. However, it's safest to discuss flood coverage with your insurance provider before you need it. Many policies have a 30-day waiting period before the coverage takes effect. This means that buying a last-minute policy right before an oncoming storm might not protect your home.
According to FEMA, more than 20% of all claims made through the National Flood Insurance Program were from residents outside flood zones. Researching local flood history is extremely helpful when buying a new home, as it can help you determine your risk and budget for additional coverage. Living outside an official flood zone doesn't guarantee you won't experience a flood; however, it can mean lower insurance rates.
While not required everywhere, flood insurance can provide excellent relief in the event your home or belongings are damaged by a flood. Keep these key factors in mind and consult with an insurance professional to determine the best choice for your situation.
As a lifelong resident of Litchfield County, Heather is quite familiar with the beautiful Northwest Corner of Connecticut. In partnership with her husband at Turri, Inc., in Torrington, she managed and grew a 30+ employee electrical contracting firm that served both the residential, commercial and industrial industries. Currently residing in Goshen she hopes to transfer and utilize many of the skills she learned in contracting to the real estate industry.
Knowing how a vital community relies on its volunteers, Heather spent many hours in several capacities at local organizations that she admires. She serves on the Woodridge Lake Finance Committee and House Committee, Victoria Court Condominium Association (secretary) and Educating Canines Assisting with Disabilities (volunteer and nursery mom). Heather has also been involved with Goshen Community Care & Hospice (president of board of directors), Warner Theatre (board of directors), LARC (volunteer), Festival of Trees (founder), the Northwest Chamber of Commerce, and Goshen Business Circle. Heather also served as Vice President of Woodridge Lake’s Board of Directors.
In Heather’s spare time, she enjoys spending time with family usually in an active way by playing tennis, golf, boating, hiking and skiing.
Heather is honored to be a part of the E.J. Murphy team and hopes you will contact her with any of your real estate needs.
