Do I Need Flood Insurance On My New Home?

Owning a home comes with several responsibilities. When moving into a new home, the to-do list is quite long. You have to make any necessary repairs, test the smoke detectors, change the locks, forward your mail, and so much more. One of the biggest obligations that you have when moving into a new home is securing the proper insurance coverage.

If your new home comes with a mortgage, the lender will most likely require you to purchase homeowner’s insurance. Unless you are moving into a high-risk flood zone, you will probably not be required to purchase flood insurance. However, you should know "about 25% of flood insurance claims come from moderate- to low-risk areas."

It is up to you to decide whether or not this type of insurance policy is in your best interest for your new home in Dallas, TX. Fortunately, the agents at Alloy Insurance Partners have the skills and expertise to help you make this important decision.

What Is Flood Insurance?

According to the Federal Emergency Management Agency (FEMA), "Floods are the most common and costly natural disaster in the United States." Flood insurance is a type of insurance that can be added to your home insurance policy to protect your home if you experience loss from water damage that relates directly to natural flooding.

There are two types of flood insurance available, which are building property coverage and personal property coverage. Building property coverage will protect the building and the foundation, while personal property coverage protects your personal belongings. It is highly recommended that you consider purchasing both for your new home.

If you are still not sure if you need to purchase flood insurance for your new home in Dallas, TX, contact Alloy Insurance Partners. We will be happy to answer any questions and provide you with the details that you need to make an informed decision. Give us a call today!