So I was looking into flood insurance, and it’s kinda confusing. Like, what’s actually covered, and do I need it if I’m not in a flood zone? Anyone here got experience with this?
Yeah, flood insurance is only for specific situations. If you’re in a high-risk zone, you might need it for your mortgage.
Reilly said:
Yeah, flood insurance is only for specific situations. If you’re in a high-risk zone, you might need it for your mortgage.
True, but even in low-risk areas, a small flood can cause major costs… It’s worth looking into.
@Rayne
Exactly! A friend of mine had a flood last year, and repairs were $$$. Insurance would’ve helped big time.
Flood insurance covers stuff like your building structure and some belongings, but not everything. Basements are often not fully covered.
Wilkie said:
Flood insurance covers stuff like your building structure and some belongings, but not everything. Basements are often not fully covered.
Right, especially finished basements. I had to get private insurance for more coverage.
@Sam
I didn’t know that! I thought flood insurance was just one type. So there’s private options too?
One thing to keep in mind is that standard policies don’t cover flood damage at all, so flood insurance is a separate thing.
River said:
One thing to keep in mind is that standard policies don’t cover flood damage at all, so flood insurance is a separate thing.
Yeah, I found that out the hard way. Ended up paying out of pocket for repairs after a minor flood.
Anyone know if the government can help if you don’t have flood insurance? I heard FEMA might give some grants if there’s a big disaster.
Bennie said:
Anyone know if the government can help if you don’t have flood insurance? I heard FEMA might give some grants if there’s a big disaster.
They do, but it’s usually not much, just enough to help a little. Insurance is way more reliable.
@Jensen
FEMA funds can be like $5k, which barely covers anything if you have big repairs.
FYI, if you live near water, the NFIP offers up to $250k for building coverage. Might be enough depending on your home.
Pacey said:
FYI, if you live near water, the NFIP offers up to $250k for building coverage. Might be enough depending on your home.
Good to know. Wonder if it covers expensive stuff like electronics or just the basics?
@Tatum
Only up to $100k for contents, and it’s usually ‘actual cash value,’ so they pay for used value, not new.