If you reside in America, you know that floods are a constant threat. And when floods strike, properties and people’s lives are always at stake. To that end, you might ask whether you need flood insurance to protect your Greenville, NC home. If you are unsure whether you need flood insurance, keep reading as Alcock Insurance & Risk Management Services LLC shares what you need to know about flood insurance.
Is flood insurance required in North Carolina?
While flood insurance isn’t required by any federal law, if your home is financed by a federal-registered lender, they may need you to buy flood insurance if you reside in a flood-risk area. But since every home is at risk of flood damage, it’s essential to purchase home insurance.
You don’t believe everyone needs flood insurance? According to FEMA, approximately 20 percent of flood insurance claims come from homeowners residing in areas not considered at risk of floods. Of course, these claims would even be higher if more people have flood insurance.
But isn’t the state going to cover my home damage due to floods?
You will be lucky if the government declares floods in your area a national disaster. And even when they do, the grant they give you isn’t insurance. It’s a loan that you are supposed to pay back. While the federal assistance loan has low interest, it can be expensive for you, especially if you are servicing a mortgage.
What does flood insurance cover?
Now that you have seen you need flood insurance, it covers your dwelling structure and its contents. If you opt to buy the NFIP coverage, your building is covered up to $250,000 while your assets have coverage of up to $100,000. However, if you purchase flood insurance through private carriers, the limit can always be adjusted.
Buy flood insurance today!
Since everyone is eligible for flood insurance, it’s time to purchase coverage for your Greenville, NC home. Please contact Alcock Insurance & Risk Management Services LLC for an affordable quote.