Things that can affect your Homeowner’s Insurance Policy: Flood Zone
I want to talk to you, especially to the people who are looking to purchase a new home, about how the type or the location of your home may affect your homeowner’s insurance policy.
I’m going to make this a two-part video. The first thing that you’re going to want to check before you bid on or purchase a home or before you get ready to purchase a home would be, “Is that home in a flood zone where it would be mandated for you to have flood insurance coverage?”
The reason you may want to know this is, flood insurance and homeowners’ insurance are two different coverages – they are two separate policies. Yes, sometimes they can be purchased together with the same company. Many times, we (agents) have to look for a flood policy outside of your homeowner’s policy. Which isn’t a big deal to us, but we want you to know that many times you will be purchasing two separate policies.
The other caveat is flood insurance is really expensive. It’s high! It usually starts at about $2000 a year and that will only be covering a quarter of the cost of your building (home/dwelling). And can be as high as five, six or $7000 a year. So, you definitely want to make sure your home is not in a flood zone if you do not plan on paying a lot of money for insurance.
I hope that helps someone if you have any questions, you know you can always call me 614-642-0941. Watch part two of “Things that can affect your Homeowner’s Insurance Policy – Roof Condition”