Do You Need Flood Insurance In Addition To Homeowners Insurance?
Looking for ways to save on homeowners insurance? Good idea. Homeowners insurance is something all homeowners should have in place from the day they step in to their new home. Good homeowners insurance policies can save the day if your home should suffer from a fire or theft. They can also protect homeowners from the expenses of an accident that happens on the property. But homeowners insurance does not normally protect homeowners from the expenses caused by flooding, so if your property is liable to flood risk, then flood insurance is something that you'll need to purchase separately. And that is one more reason to find a way to save on your regular homeowners insurance.
Let's take a quick look at flood insurance, and then return to how you can save on regular homeowners insurance. Flooding is a devastating event, and the average paid claim for a flood in recent years was over $30,000. Yet the average cost of flood insurance is only $600 dollars. So if you live in an area that's susceptible to flooding, flood insurance is likely to pay off for you, even tho' it's an additional expense. While flood insurance is available through most insurance companies, it's actually managed by FEMA as a national flood insurance program. You can talk to your homeowners insurance agent for more details, or you can look them up online at floodsmart.gov.
All homeowners look to save on homeowners insurance, but if your property is in an area prone to flooding, you'll be even more motivated to save. Having the extra expense of flood insurance is definitely a motivation to save on your basic policy. So, let's see what's available to all homeowners. One thing you can do is to get your homeowners insurance and your auto insurance from the same company. Discounts are usually availble by having more than one policy with one company. If you also get life insurance from them, you may be able to save even more.
Another tip that can save you on homeowners insurance is to search online for quotes. Online sources of homeowners insurance quotes are so numerous that you'll have plenty of choices to pick from. Rates will vary widely, as there will be substantial variety in the homeowners insurance policies that you find online. So have the details of what you want policies to cover for you so that you'll be able to dismiss any policies that don't meet your needs. Some policies may appear to save you a lot, but have a high deductible that doesn't really cover the cost of replacing your property or the home itself. So be smart when you're doing your search for homeowners insurance.
In sum, the total cost of homeowners insurance will be higher for those living in areas with potential flooding, but there are ways to save on that total cost. Search online, and talk to your agent as well.
by: Columbus Keitzer