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The question of whether you should buy insurance or not

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The question of whether you should buy insurance or not

Colorado is not new to harsh weather, particularly floods. Residents in Erie CO and other parts of the country are required to buy flood insurance to protect them from financial losses caused by floods. Advantage Service Insurance recommends inquiring about the level of risk from the National Flood Insurance Program (NFIP).

Who should buy flood insurance?

The question of whether you should buy insurance or not heavily depends on two things:

  • Whether your home is bought through mortgage and you live in a high-risk flood zone. In this case, your lender will require you to purchase flood insurance.
  • If you live in a flood zone area or NFIP has marked your area as high risk or if your zone is marked D because it hasn’t been mapped yet and therefore not clearly known if it is high risk or not.

Floods are not always caused by natural disasters.

Always keep in mind that flooding can come from anywhere, including your neighbors overflowing creek. Therefore, whether you have the option of buying it or not, the most important thing is to ensure that you are mentally, physically, and financially prepared to handle any water damage in your home.

What you should know about flood insurance

It only covers damages caused by water that fell from the sky and entered your home and compound. That means that damage caused by your tap can only be covered under home insurance. However, if the same rain caused the creek in your neighborhood to overflow and run into your home, flood insurance can cover the damages.

Floods are natural disasters that can wreak havoc in a matter of minutes—assessing and understanding what to do plays a significant role in recovering and getting things back to normalcy.

If you still need advice on flood insurance, Advantage Service Insurance is here to help. Visit our Erie CO offices, and we will help with all the information you need.

 

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