Excess flood insurance is a private insurance policy that extends beyond government-sponsored coverage. Homeowners who live in a high-risk flood zone, own a high-value home or if the cost to rebuild is more than their policy coverage, should consider excess flood insurance. Your mortgage lender may also require you to purchase excess flood insurance if your mortgage is more than $250,000, but it's not a legal requirement.
Even though flood insurance is not required, it's a good thing to have. Water damage caused by flooding can cost property owners thousands of dollars in repairs. Flood insurance will help cover repairs and replace any items lost in a flood.
Excess flood insurance may be worth the extra expense, especially if you live in an area that is at high risk for flooding. If your home is severely damaged or destroyed, and you are still paying off your mortgage, you will be required to pay off the remaining costs to your home. So before you go and buy these extra costs, give Holt Flood Insurance a call, we can help you determine if this is right for you and your family. As flood insurance experts, we can help you with all your flood insurance needs.
For more information on excess flood insurance, visit our website or give us a call at 1-540-809-1415. We will answer any questions you may have, contact Holt Flood Insurance today.