Houses are three times more likely to be damaged by flood than by fire, especially if you live in such a flood-prone state as Louisiana. Therefore, flood insurance is necessary in order to protect your home and belongings. If you are a Louisana resident and you are looking for flood coverage to insure your property, 318 Insurance has prepared the list of things you should know when shopping for flood insurance:
- Flood insurance is needed for getting a mortgage. Your bank or any other lending institution will most likely require you to have flood insurance before issuing you a mortgage. They can receive a fine for issuing a mortgage to high-risk properties without proper flood insurance.
- Flood insurance covers physical damage caused by flooding.In some cases, indirect flooding can also be covered if it is a result of flooding.
- Flood insurance will not cover damages caused by mold, mildew, and moisture.Some policies also have limited coverage for basements and crawl spaces, so it is important to discuss all the details with your insurance agent before signing a contract.
- You have to wait for 30 days after the purchase before making a claim.Therefore, if you need coverage, you need to buy it as soon as possible instead of waiting until the very last minute.
- Flood insurance is more affordable than you think.The cost of insurance depends on different factors, including the age of the house, flood zone, personal history of flood claims, home improvements made to mitigate future damage, the elevation of the property, and some others. In most cases, flood insurance is quite affordable and will not cost you more than a few hundred dollars per year.
If you are a homeowner from Louisiana and you are searching for a reliable insurance agency to get flood insurance, 318 Insurance is a great option for you. Give us a call today and discuss the options available with one of our agents. We will make sure to provide you with the perfect coverage based on your budget and needs.