When you live in New York, one of the biggest assets that you can own is a home. To ensure that your home is properly protected by insurance, you should consider all of your risks and insurance needs. One form of insurance that you may eventually need is a flood insurance policy. There are several situations when you may need to have flood insurance.
Requirement of Lender
One situation in which having flood insurance is likely to be a requirement is if it is required by your lender. Many lenders will follow the guidelines set by FEMA when it comes to determining if your home is a flood risk. If it is determined that your home is in a flood zone by FEMA, a mortgage lender is very likely to require that you have the appropriate flood coverage. In a lot of situations, they are also going to require that you escrow for your flood insurance payments on a monthly basis.
Home is at Risk
Another situation when you should get flood insurance is if your home is at risk. If you live in an area where you are more prone to flood damage, it would be a good idea to consider your insurance coverage. This should include assessing your current policy to see if there is any flood protection. If there is not, you should consider getting the additional flood insurance policy even if it is not required by a mortgage lender.
Choosing a flood insurance policy is a big decision and knowing if you should get one can be complicated. For those that are in New York, the team at Moore Insurance Services LLC is a great resource to turn to. The insurance team at Moore Insurance Services LLC can provide you with all of the support that you need when it comes to choosing your insurance policies. They will be able to analyze your situation to find out if flood coverage is a necessity for you.