Flood Insurance
Some parts of Maryland are prone to flooding, and the risk may increase in the future. As such, your mortgage provider may require you to get flood insurance when buying a property in a flood-prone zone. Nevertheless, no property is free from potential floods, so you may purchase this policy for safety and future protection. Read on for more details on flood insurance and how Riverside Farmers Insurance experts can help you.
What Is Flood Insurance, And How Does It Work?
Flood insurance is a stand-alone policy (separate from home insurance) that provides comprehensive coverage for losses caused by flooding. The policy covers your property and your belongings against any losses that occur due to flooding. While people solely used to buy insurance from the National Flood Insurance Program, many private market options are now available, so you can easily compare the options and choose the most suitable.
Generally, flood insurance usually covers the following:
- Property: The physical structure of a building, including the foundation, electrical systems, plumbing, and everything attached to it
- Personal content: Furniture, clothing, appliances, and other portable fixtures in the property
Flood insurance may not cover damage caused by moisture which could have been avoided. Review the coverages your flood insurance offers to know what is covered and what is excluded.
Who Needs Flood Insurance in Maryland?
Flood insurance offers protection against financial losses caused by flooding events. It helps people to recover quickly from the mess without getting into debt or using all their savings.
Flood insurance is available to everyone, including homeowners and business owners. Every property is prone to flood, so property owners are advised to take insurance. Renters can also take flood insurance because most renters' and homeowners’ insurance policies don’t cover floods.
Contact Us Today
Floods are inevitable and may bring unwanted effects to your Maryland property. At Riverside Farmers Insurance, we are committed to helping our clients acquire flood insurance. Contact us today to book our services and learn more about us.
