Why do I need to have flood insurance?

The biggest asset that most people in the Oklahoma City, OK area will ever own is their home. While there are plenty of advantages that come with owning a property in this market, it is also something that comes with plenty of insurance obligations. While most property owners know that they need a home insurance policy, there are situations when an additional flood insurance policy will be necessary. 

Located in a Flood Zone

The first situation in which you will need to have flood insurance is if you are located in a flood zone. FEMA maintains the national flood zone map that determines whether your home is located in an area that is at a higher risk of suffering from flood damage. If you have a mortgage that is backed by the FHA and is in a flood zone, you will undoubtedly be required to carry this insurance at all times.

Flood Risk Not Covered by Base Policy

Even if you are not required by your mortgage lender to have flood insurance, having coverage for this is still a good idea. If you are located near a river or other body of water that has a risk of flooding, coverage for this may not be included in your home insurance policy. In these situations, getting flood insurance for peace of mind is a good idea. 

If you believe that you need flood insurance for your Oklahoma City, OK area home, you should contact the team at Freeland Insurance as soon as you can. The requirements and benefits of flood insurance are complicated and Freeland Insurance will make sure that you understand everything involved with your flood insurance policy. This will ensure that you are able to get into a policy that ensures you are in compliance with all rules and regulations.