Before Buying Homeowners Insurance

Homeowners insurance doesn't cover loss by flood, yet few people have this coverage. Before you buy homeowner's insurance, check out the insurance blog to learn more.

Before you buy homeowner's insurance, understand the basics of what you'll get. Homeowner's insurance doesn't include coverage for flood, a fact which surprises many homeowners. Especially since, according to FEMA (Federal Emergency Management Agency), homes with a 30 year mortgage have a 26% chance of being damaged by a flood. That's compared to only a 9% chance of being damaged by a fire.

Flood insurance covers more than just damage done by rising flood waters. A home can also receive significant damage from melting snow or torrential rains. You can purchase flood insurance for your home up to $250,000 and for your personal belongings up to $100,000. If you rent instead of owning a home, you can cover the items in your place for up to $100,000. Consider purchasing flood insurance at the same time you purchase homeowner's or renter's insurance. And learn more about what's covered by homeowner's insurance before you buy.

Talk back with the article author- tell Lisa Nichols about your experiences buying homeowners and flood insurance and submit news, tips and stories ideas for the insurance blog