Flood insurance for homebuyers: what do you need to know before getting a policy

If you are a homeowner and you want to protect your valuable investment, flood insurance is something that you need to consider. However, before buying a flood insurance policy, there are certain nuances you need to understand. Affordable Insurance Inc., serving the  Mountain Home, AR region, is here to assist with the things you should know when looking for flood insurance: 

Flood Insurance: Things You Should Know

  • Insurance costs. There are certain factors that might affect the cost of your flood insurance. The most common factors include the location of your property, elevation, flood risk, and the level of coverage you choose. 
  • 30-day waiting period. Most insurance companies selling flood insurance apply a 30-day waiting period. It means that you will have to wait 30 days before your flood insurance kicks in. Therefore, it is very important to buy flood insurance in advance. 
  • Risk assessment. Consider the property’s flood risk before buying any flood insurance policy. To find out whether the home is in a flood zone and whether it might experience flooding, consult flood maps and speak with local authorities or insurance agents.

Reach Out To Us

Are you a homeowner residing in Mountain Home, AR or any other nearby town in Arizona? Are you considering buying flood insurance to protect your valuable property? Do not hesitate to contact Affordable Insurance Inc. We specialize in different types of insurance, including flood insurance as well. Our knowledgeable and experienced insurance agents will answer your questions and provide you with the information you need. Feel free to call us or visit our website. 

Do I Really Need Flood Insurance?

Flood insurance is required in some cases, but not everyone is required to have flood insurance. Even if it’s not required, flood insurance can still be a good idea. At Affordable Insurance Inc in Mountain Home, AR, we offer flood insurance. 

When Flood Insurance is Required 

If you have a mortgage from a federally regulated back, including FHA, or the Federal Housing Authority, or the Veterans Administration, and your home is in a high-risk area, you are required to have flood insurance. 

If you have a private mortgage, your lender may require you to carry flood insurance as well. 

If you own your own home, you aren’t required to have flood insurance. Not all lenders require flood insurance, particularly if you are outside a high-risk area. 

Should You Get Flood Insurance If Not Required To?

If you aren’t required to have flood insurance, it can be tempting to go without it. 

However, flood insurance is still a good idea. Just one inch of flooding can cause up to $25,000 worth of flood damage. 

Even if you are in a low-risk area, flooding is still a possibility. The truth is, any area can flood under the right circumstances. 

 If you can’t afford to repair the damage a flood could cause, you should get a flood policy. Floods can cause thousands of dollars of damage, and in some cases, can destroy your home. 

Give Us A Call

If you need flood insurance in Mountain Home, AR and surrounding communities, contact Affordable Insurance Inc. We are here to meet all your insurance needs, including home and auto policies. Our agents will discuss your insurance needs and help you select the best policy for your needs. 

Flood Insurance Options for Arkansas Residents

Flood insurance is a separate insurance policy from your primary insurance policy. Here are the key facts about flood insurance and how Affordable Insurance Inc. in Mountain Home, AR can help.

What is Flood Insurance?

Flood insurance is a kind of coverage that is separate from your homeowners’ insurance policy. In most scenarios, flood insurance is not mandatory. However, if you live in a high-risk flooding area, such as Mountain Home AR, this insurance might be required. 

What Does Flood Insurance Cover?

Flood insurance is coverage for your dwelling and personal belongings in the event they are damaged by flooding. Dwelling coverage includes, but is not limited to:

  • Detached garages
  • Attached structures
  • Construction materials
  • Ranges, refrigerators, and built-in appliances (ex. central AC, garbage disposal)
  • Hot water heaters
  • Light fixtures
  • Built-in cabinets, bookcases, and cupboards
  • Awnings and canopies
  • Permanent carpeting

Flood insurance also covers personal property insurance, which includes:

  • Removable carpets
  • Washer and dryer
  • Personal belongings owned by you, your household, or guests
  • Valuable items (collectibles, artwork, jewelry) 

Other items that are covered by flood insurance include the cost of debris removal and loss-avoidance measures, such as the cost of removing property before a flood and sandbags.

What is Not Covered by Flood Insurance?

There are certain things flood insurance does not cover, such as:

  • Decks, fences, and patios
  • Additional living expenses
  • Currency, precious metals, and stock certificates
  • Swimming pools and septic tanks
  • Personal property that is stored in crawl spaces or basements
  • Cars and self-propelled vehicles

Flood Insurance Coverage Limits

Coverage limits for flood insurance that are sold through the National Flood Insurance Program (NFIP) insure a specific amount for building property coverage and a certain amount for your personal property. You can also purchase a flood insurance policy that covers only your personal property. You might be able to attain higher coverage limits with private flood insurance.

Contact Us Today

Affordable Insurance Inc. in Mountain Home, AR is here to provide you with flood insurance options that suit your needs. Contact us today to learn about the insurance services we provide.

Is flood insurance in Arkansas always a good investment?

When you are a Mountain Home, AR area resident, you should always think about owning and purchasing your own home. As you are looking for a new home here, ensuring that you have the right insurance continues to be very important. One form of insurance that you should always consider getting is flood insurance. This type of insurance is a good investment in many situations.

When Trying to Protect Home

When having flood insurance is a good investment, one situation is when you are trying to protect your home. Those who live in Arkansas may be concerned about the risk of flood due to local rivers and lakes. If you are concerned about the risk of floods near your home, having flood insurance is a good option as it will offer the financial resources needed to cover any repairs that you have. 

When Trying to Comply with Requirements

It would be best if you also considered getting flood insurance when you want to stay in good standing with your lender. If your home is in a flood zone, your mortgage lender will require that you get proper insurance to protect it. If you do not have this coverage, you could violate the loan agreement and face penalization. 

If you would like to get a flood insurance plan in the Mountain Home, AR area, it would be wise to speak with Affordable Insurance Inc. There are a lot of important factors to take into consideration, and the team with Affordable Insurance Inc can help you choose a plan that is right for your situation. This will help ensure that your home is properly protected with insurance and that you stay in full compliance with your insurance obligations.