Should I Buy a Flood or Earthquake Home Insurance Policy?

Flood insurance and earthquake insurance is not included in your regular homeowners insurance policy, but do you need a flood insurance quote to make a decision about which policies to get? Neighbors Insurance Agency is an insurance agency that has the best home insurance Florida has to offer. If you would like to learn more about our policies and whether […]

Flood insurance and earthquake insurance is not included in your regular homeowners insurance policy, but do you need a flood insurance quote to make a decision about which policies to get? Neighbors Insurance Agency is an insurance agency that has the best home insurance Florida has to offer. If you would like to learn more about our policies and whether you need flood or earthquake coverage, contact us.

Why Isn’t Flood and Earthquake Coverage Included?

Typically, people will not question if they have flood insurance included in their homeowners policy or not if they live in a region that doesn’t experience frequent flooding. When you live in an area that does have frequent flooding, your mortgage lender will probably require you to have flood insurance for the duration of the loan. Even still, you may not have flood insurance if the property was actually determined to be in a flood zone after you already received your mortgage.

That aside, many people still do not want flood insurance. Flood insurance costs a significant amount of money and the actual premium that you end up paying for the coverage that you select will depend on your location within the flood zone as well as the frequency of flooding in your area as you can still be in a flooding zone without having had any flooding in years.

The cost for flooding insurance can be anywhere from several hundreds of dollars per year to a few thousand. It will make your total homeowners insurance policy much more expensive and it will only cover damage pertaining to one particular threat.

With earthquakes, the biggest complication that you may run into is potential for total destruction. Since earthquakes can alter topography, it is possible that your property will not be able to be rebuilt after a severe earthquake. Additionally, earthquakes are not covered by standard homeowners insurance, so if you do not have an earthquake policy, you may be left to pay everything yourself.

Earthquake insurance may cost even more than flood insurance and how much the premiums you pay will depend on how close you are to the fault line, how active that fault line is, the history of earthquakes in that area, and whether your home is built to withstand earthquakes.

Do You Need a Flood Insurance Quote?

It is definitely possible for an area that has no activity to experience spontaneous flooding or earthquakes. This is because the earth itself is not stable and changes because of the weather or the shifts in the Earth’s surface are all too frequent. This is especially true in the case of flooding where large-scale development could cause areas to flood that previously used adjacent areas for runoff.

If you are looking for the best home insurance Florida has to offer, Neighbors Insurance Agency can help you and ensure you are covered for every catastrophic event.

Contact Us

Neighbors Insurance Agency can give you the most trustworthy home insurance Florida has to offer. To learn more and get a flood insurance quote or an earthquake insurance quote, contact us today.