Basics of Flood Insurance Coverage

When you purchase a new home, your lender will require that you carry a certain amount of homeowners insurance. This protects both you as the owner and the lender because you both have invested in the property. With the required coverage in place, you might consider it a closed matter. It’s important to understand the level of flood risk your area has. Flooding is one risk that is not covered by homeowners policies. By understanding the level of risk your area has, you can consider additional flood insurance if needed. 

Flood insurance is available through the National Flood Insurance Program. This program was created because flood damage is the most common and expensive disaster that homeowners face. Usually, flood risk is not covered by policies designed for renters or homeowners. While it is essential to find out your area’s flood risk, realize that over 20% of flood damage claims are filed in areas that are not considered to be high-risk areas. 

The agents at The Slocum Agency, Inc. serve clients in the Warwick, RI area. They know the risks that home and business owners in the area face. This makes them the perfect partner to help you understand the types and levels of coverage that best suit your situation.  If you decide that you need flood insurance for the structures on your property, they can help you get that coverage. As flood insurance only covers the buildings, they will ensure that the insurance you carry also covers the contents and your personal possessions. 

Get the answers you need from the experts. Call the agents at The Slocum Agency, Inc. in the Warwick, RI area; we are always ready to help. So, contact us for more information. Then, call or visit our offices. Don’t wait until it’s too late!