Flood Insurance for Newlyweds ~ National Flood Insurance Program – FEMA
Flood Insurance
Flood insurance is a must when purchasing couples insurance
Flood insurance is something all newlyweds should have. This is insurance you need even if your area is not in a widespread flood zone. Some people think their homeowner’s insurance covers floods, but this is usually not the case.
Even if a flood has never occurred in your area, this doesn’t mean you are not at risk. If your home is in a floodplain area, you will have a 26% risk of flood damage over a 30 year period. community does not mean that you are not at risk. Homes located in the floodplain have a 26% chance of suffering from flood damage over the course of 30 years. A home built in a high risk flood area is five times more likely to sustain damage from a flood than a fire.
If you and your new spouse are using a mortgage company for your new home, they will usually require you to keep flood insurance during the entire loan term. This is especially true in high risk areas. You may not be required to have it in a low risk area, but this area is where 25% of all flood claims come from.
If you are a homeowner, you can get up to $250,000 of insurance coverage on your home’s structure. You can also get an extra $100,000 on all the contents in your home. If you and your new spouse are renting a residence, you can get up to $100,000 of flood insurance coverage on all the contents inside the home.
The flood insurance policy will also cover the home’s foundation and the equipment that is necessary to support the home. This includes items such as water heaters, furnaces, and electrical panels. Flood insurance does not cover any improvements to the basement you may have done such as finishing walls, floors and ceilings. Personal belongings kept in the basement are also not covered by this insurance. This insurance will be worth the cost, when the time comes that you need it.
1. For more resources on flood insurance in the US, visit the official FEMA site
2. Here’s an interesting article from CBC News about flood insurance in Canada
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