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3 Things to Consider Before Buying Flood Insurance

Owning a home can be a wonderful accomplishment in life. Making sure that home is protected from danger and disaster is an important consideration. Homeowners want to know that in the event their home is damaged they can afford the repairs or replacement of their residence. Flood insurance is often an afterthought which falls behind regular home owner’s insurance. At Calhoun Risk Management, serving Minneapolis, MN, we know the importance of education on these topics. Keep reading to learn 3 things you should consider before buying flood insurance. 

Flood Insurance Is Not Included in Home Owner’s Insurance

Many homeowners are not aware that flood damage is often not included in their regular homeowner’s insurance policy. Flood insurance is almost always an additional policy. The reason flood insurance is not often included in regular home owner’s insurance is that flood risks vary greatly from state to state and even region to region within a state. This makes it difficult for insurance companies to create universal policies. 

Risk Factors

In order to get a flood insurance policy that is right for you, you will need to speak with an insurance representative knowledgeable in flood insurance. You do not want to purchase a policy that provides more coverage, and thus a higher premium than you actually need. Your flood risk can be assessed through tools that evaluate and record flood events for the entire country. Your location will be used to assess your risk and therefore estimate the amount of flood insurance you need. 

Pay Attention to What Is Not Covered

A flood can have a devastating impact on your home and property. Even with flood insurance in place, there can be damage that is not covered. Be sure to read your prospective policy carefully so that you understand what is and is not covered. 

If you would like to learn more about flood insurance, please contact our friendly staff at Calhoun Risk Management, serving Minneapolis, MN today. 

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