Florida Flood Insurance coverage

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Protect your Florida Home or Business with Flood Insurance

Making sure that your home is properly protected by insurance is very important. While most people know that they need to have a general homeowners insurance policy in place, there are situations in which you may need to have additional coverage as well. One type of coverage that you will need to have, depending on your situation, is flood insurance. There are several situations in which having this additional coverage will be a necessity.

When You Are in a Flood Zone

Today, FEMA operates with a flood zone map that is regularly updated and modified. It puts all areas of the country into designated zones based on the risk of a flood occurring. If you have a mortgage in place that has a federally-insured guarantee, you will be required under the loan agreement to carry flood insurance at all times. The lender will likely also require that the payments for the flood insurance policy be escrowed along with your normal home insurance and property taxes.

Other Lender Requirements

While FEMA has a map that designated the risk of a flood in your area, there is still a risk that a flood could occur. Depending on where your home is located and a variety of other factors, a lender may still want to make sure that you are protected from flooding. If your base home insurance policy doesn’t give enough protection, the lender may require additional coverage in the form of flood insurance.

If you live in an area of Florida where you are prone to floods, such as near a river, ocean, or other bodies of water, you should meet with the team at Fagan & Michaud Insurance Agency, Inc. When you meet the team at Fagan & Michaud Insurance Agency, Inc., you will receive more insight into what your requirements and needs are. The team will then make sure that you get a policy that adequately covers your home for flood risks.