Posted on: 30 May 2018Share
If you moved to a new home and the home is in an area that is zoned for flooding, you need to take steps to keep your home, and belongings protected. One way to do this is to make sure you purchase flood insurance. This type of insurance is generally less expensive when compared to your traditional home insurance rates. Below is more information about this so you can rest easy knowing you are covered.
1. Flood Insurance
If your home is listed in a flood zone area, you may have to purchase flood insurance. This does depend on the state that you live in. The mortgage company that owns your home may also require that you purchase flood insurance. This will protect this company if there is any flood damage to the home. Even if you are not required, you should still purchase this type of insurance. This is especially true if your home is near a lake or other type of body of water.
The flood insurance will have a deductible that you will set when you set everything up. Consider how much money you currently have and what you will be able to pay out if there is damage. For example, your deductible may be $200 or $500. Once the deductible is paid the insurance company will take over and repair all damage and replace all items that were damaged by the flood.
2. Rate of Premiums
To help the insurance company determine how much your premiums will be if you purchase flood insurance they will obtain an elevation certificate. This certificate shows the elevation of the bottom floor of your home, including a basement. This information is maintained in a record. You can obtain an elevation certificate from a surveyor if you want to keep a copy for yourself. This is a good idea as you can compare it to what the insurance company has.
If there is no flood elevation certificate available, you need to hire a surveyor to create one for you. The surveyor will come to your home and measure the elevation of the lowest floor. This will show them how much damage will be done if there is a flood in your area. When the surveyor is finished, they will have an elevation certificate that they will give you, and they will likely give a copy to your insurance company.
Your insurance company can give you much more information about this, so you can get yourself protected. For more information, contact a company like Crest Engineering Associates.