Do I Need Flood Insurance on My Home?

Your home is one of the biggest assets that you will ever own. Since it is so important and valuable, it is extremely beneficial to keep your home as protected as possible. One way to do this for many people is to invest in a flood insurance policy. For those that are in the Brandon, FL area, having flood insurance is often a necessity. There are several things that you should understand when trying to figure out if you need to have flood insurance on your property.

Flood Zone
When you are looking to determine whether or not you need to have flood insurance, the first thing you need to do is to check the FEMA flood zone map. FEMA is a federal agency that manages and updates a national flood map on a regular basis. Those that are located in an area that is determined to be a high-risk flood zone should consider having flood insurance on their property.

Mortgage Requirement
While your property may be located in a high-risk flood zone, you still do not necessarily need to have flood insurance. If you purchase your home in cash and do not have a loan out on your property, flood insurance is never required. However, if you have a mortgage, it is very likely that your lender will require that you have flood insurance the whole time that the loan is outstanding.

Since determining whether or not you need to have flood insurance can be a challenge, those that are in the Brandon, FL area should consider hiring the Runnels Insurance company to help them figure out their flood insurance needs. Runnels Insurance will be able to review your property and the flood zone map to determine whether having flood insurance is a necessity for you.