Sherzer Insurance Blog
Almost everywhere in the world has experienced the impact of COVID-19. You might be thinking about postponing your plans to obtain your flood insurance, but you need to remember that it is necessary to have it, especially when you live in a flood-prone area. The current pandemic situation may be giving you second thoughts, but it’s always better when you are prepared. You can note the essential flood insurance requirements before applying for coverage and save on it if you already have one.
Flood Insurance Requirements
Living in a flood-prone zone and having a federally or government-backed mortgage requires you to obtain flood insurance. There are particular requirements for lenders from the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973. These guidelines require homeowners to purchase flood insurance if your house or property's location is in a place with a great flood chance. On the other hand, some private lenders also offer flood insurance, and often they have the same requirements for mortgage holders.
Either of these two scenarios, you can purchase your policy backed by the National Flood Insurance Program or NFIP to fulfill the requirements. Based on flood insurance coverage, obtaining your insurance reduces your risks as a homeowner, especially now that most people are in their home's comforts due to the pandemic.
Reducing Your Flood Insurance Requirements
When your home's location is in an area with high risks of flooding, it is best to get flood insurance as soon as possible. However, higher flood hazards can result in expensive insurance prices. Based on your insurance policy and insurer, there are some ways you can try to trim your flood insurance requirements.
Generally, you can communicate with your insurance provider about your premiums and consult how you can find a method to get it at a lower price. Still, it would be best to remind yourself that it does not always work for every condition. As a homeowner, you need to consider that flood insurance coverage is helpful and beneficial.
As a homeowner, you should research your flood insurance requirements because it is not the lenders and home sellers' obligation to inform you ahead of time. You should check your location if it's in a flood-prone area that requires you to obtain flood insurance because it's your responsibility. When you already have an existing one, you can also look for possible ways to reduce insurance premiums when you’re in a tight budget, considering that many are struggling financially right now because of the COVID-19 crisis.
At Sherzer Insurance Agency, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (239) 673-9301 or Click Here to request a free quote.