Does my homeowner’s insurance cover floods?
Floods are one of the most common natural occurrences in the United States and your home does not necessarily have to be in a high risk area to be affected by flooding. According to statistics by the National Flood Insurance Program, there is a 26% likelihood of a flood occurring during a 30 year mortgage term vs. only a 9% chance of a house fire. Your typical homeowner’s insurance policy does not cover damage from floods. This is a fact that many homeowners are unaware of until the flood and damage has occurred. You will have to obtain a separate flood insurance policy offered by the National Flood Insurance Program. [click to continue…]
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