Do I need flood insurance?

The biggest asset that most people in the Dallas, TX area will ever own is their home. Due to the importance of this asset, having appropriate insurance in place at all times is very important. One form of insurance that you may need to have for your home is flood insurance. There are several situations when you may need to get flood insurance for your Dallas area property. 

Required by Mortgage Lender

One of the most common situations, when someone is required to get flood insurance, is when it is required by their mortgage lender. If your home is located in a FEMA flood zone, the lender will likely want you to get flood insurance to ensure that their collateral is properly protected against flood damage. Most of the time, the lender will also require that you set up an escrow account and pay into it monthly. 

At-Risk for Flood Damage

Even if you are not in a flood zone, you are at a higher risk of flood damage if you are living in a flood zone. In some cases, those that are in even a low-risk flood zone could find that it is hard to get ample coverage for flood damage from their home insurance provider. Due to this, you should consider getting a full flood insurance policy. 

Depending on where you live in the Dallas, TX area, it might make sense for you to get flood insurance. If you do need this type of insurance or are confused about whether you would benefit from it, calling the Alloy Insurance Partners would be a great option. The team at the Alloy Insurance Partners can help someone to get into a flood insurance policy that provides them with the right type and level of flood insurance coverage.