Judith Sutton ABR CRS IDS PMN ASP IAHSP SRES GREEN
Judy@JudithSutton.com 908 803-0472
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Invited Guest Contributor: LG Insurance Agency
If you live in New Jersey, chances are that you have been affected by a flood. In the last three years alone, more than 20 inches of rain has fallen on the state and flooded half a million homes. And with climate change promising to bring even more extreme weather events, it’s important that all homeowners think about how they can protect themselves from potential devastation. A good place to start is finding out what insurance options exist for flood protection in your area! Please call me for more information on your particular home in the Somerset Hills.
What is flood insurance?
Flood insurance is a type of property insurance that covers losses caused by flooding. It’s available to homeowners, renters, and business owners who live in areas at risk of flooding. Flooding can be caused by storms, overflowing rivers or lakes, melting snow, and other natural events.
How does FEMA’s flood mapping affect flood insurance?
FEMA’s (Federal Emergency Management Agency) flood maps are used to identify areas that are at risk of flooding. If your home is located in a high-risk area, you will likely be required to have flood insurance by your mortgage company. You can check the FEMA website to see if your home is in a high-risk area.
What does flood insurance cover?
Flood insurance covers both the structure of your home and its contents. It will pay to repair or rebuild your home if it’s damaged by a flood, and it will also reimburse you for damage to your belongings. Flood insurance usually doesn’t cover losses caused by flooding that occurs when the ground is frozen or when your home is empty.
How much does flood insurance cost?
Flood insurance premiums vary depending on a number of factors, including where you live and how high above sea level your house sits relative to base flood elevation. Generally speaking though, most homeowners will pay somewhere between $500 and $1000 per year for flood insurance.
Does flood insurance pay replacement costs?
Yes, in the event of a total loss due to flooding, flood insurance will cover the cost of rebuilding your home and replacing its contents. However, there are some types of losses that aren’t covered by a standard flood policy: changes in elevation or land levels; damage caused by earthquakes or landslides; and damage caused by a nuclear blast. (Let's hope we never have to experience any of these!)
Who needs flood insurance?
If your home is located in an area that’s at risk of flooding, or you have a mortgage from certain lending institutions, then it’s important to get coverage for the structure and contents of your home. If you’re unsure if you need flood insurance, talk to me about the options available in your area.
Check with me for your flood area information and how it affects your mortgage. I would be happy to help!
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Judy@JudithSutton.com
908 803-0472
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