Is flood insurance required is a question we are often get asked by our customers. While the answer is no, we always inform them that floods can happen at any time to anyone. And without flood insurance, you could be spending thousands of dollars on repairs.
Anyone can purchase flood insurance, even renters. And like our customers who own their own homes, we tell renters about the importance of flood insurance, as their landlord's insurance will not cover items damaged from water. Flood insurance is different than homeowner's insurance, as it covers water damages caused by weather. Your homeowner's insurance only covers accidental water damage such as a burst pipe or a leaky appliance.
There is one situation where flood insurance is required, and that is if you are thinking about buying a home in an area with a high risk for flooding. Most mortgage companies will not give you a loan unless you have purchase flood insurance. High-risk areas are marked with the letters A and V on the flood map.
So is flood insurance required? The answer depends on the situation, but we highly recommend purchasing it even if you don't use it because it's better to have it and not use it than to need it and not have it. For more information on flood insurance, visit our website or give us a call at (540)809-1415. We will answer any questions you may have. Contact Holt Flood Insurance today.