Homeowners Insurance and Flood Issues

Many Maryland residents have concerns about flooding, much like Florida and other states with a history of flooding. Your understanding of the basics of flood insurance is essential to determine your needs and your risks and this article is meant to clarify some common misconceptions about flood insurance in Baltimore and insurance regulations. It cannot be stated enough that your Homeowner’s Insurance will not cover any flood related claims.

Don’t make false assumptions about flood coverage

The fact of the matter is that many residents don’t fully understand that they probably lack the necessary coverage and more than half of the properties that are located in high-risk flood zones are often unprotected because the owners don’t think they need coverage, or are under the false assumption that they will be compensated through their homeowner’s policy.

Most flood insurance is reasonably priced

Another misconception is that it is very costly to obtain flood insurance. If your home is considered to be in a FEMA determined low risk zone, you likely would be able to acquire a flood insurance policy for a reasonable sum, as little as $129 for the entire year. Many residents and business owners also believe that because there is no water source near the location where their home or business is located means that they are not in a flood zone. The fact of the matter is that wherever it rains or even snows, there is the potential for flooding.

There are many agencies in the surrounding area that have an extensive knowledge of flood insurance. Now that you clearly understand that your homeowners insurance will not cover flood issues, look into information about the current National Flood Insurance Program (NFIP) legislation or speak to an agent about other flood insurance programs as well as any questions and concerns you may have. These agents are available and are just a phone call away.

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