I don’t live near water—is there any reason why I would need flood insurance?

May 29, 2009 at 4:00 pm

You should consider purchasing flood insurance even if you don’t live in a high-risk area for floods. Factors such as storms, inadequate drainage, melting snow, and hurricanes can cause serious flooding even if you don’t live near a river or other body of water. If you are purchasing a home in a designated flood zone, you may be required to purchase flood insurance before obtaining a mortgage.

Despite what you may think, your homeowners insurance policy doesn’t cover damage from flooding. To complicate matters further, you can’t simply buy flood insurance as an endorsement to your current policy. Instead, if you are eligible, you must purchase a separate flood insurance policy through an insurance company that participates in the National Flood Insurance Program (NFIP). Flood insurance is available for residents of approximately 19,000 communities nationwide.

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I just got engaged and I’m worried about losing my diamond ring. Can I buy insurance to protect it? I am buying a home and there is a creek in the backyard. Does this mean I need flood insurance?


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