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River FloodingFlood insurance is one of the most misunderstood types of insurance policies out there.

Many believe their existing property insurance covers flooding damage from severe weather events. That is not the case. The standard homeowners insurance policy generally doesn't offer flood coverage.

That said, flood insurance is a must-have for property owners. The flooding risks are so prevalent that this coverage can be critical to protect your investment.

Here's what you should know about flood insurance.

When Is Flood Insurance Required?

The law requires some homeowners in many flood-prone areas to buy flood insurance. Federal law also requires flood insurance for properties with federally-backed loans in flood-prone areas. Additionally, lenders often require property owners to have this type of insurance to obtain a loan — particularly if the property is in a high-risk area.

What Does It Mean To Live In A High-Risk Area?

Any type of residential or commercial structure that's located within a high-risk area will likely need flood insurance.

The federal government determines high-risk areas by looking at how likely they are to sustain flooding. High-risk areas are those that have at least a 1 in 4 chance of suffering a flood during the next 30 years. National engineers look at flooding risks on a local level in order to create flood maps that point out these high-risk areas.

Where Do You Live?

The easiest way to find out if you live in a flood zone is to speak to your insurance agent. They can offer specific policy information if you do live in a high-risk area.

It is important to note that flood zones are not state-based. They are not even county-based. Instead, these zones are mapped out on a local level. For instance, you might have a high-risk property while your neighbor might not. That's why it is important for you to have ample coverage.

Can I Go Without Coverage?

If you do not have a government-backed loan or if you live in a low-risk area, you might not need to have flood insurance. Still, flooding is always a risk, and most homes can suffer significant damage from a heavy rainstorm. So it's worthwhile to protect yourself with flood insurance coverage.

Work closely with your agent to find out how you can protect your home from flooding. Flood insurance is a critical investment — particularly here in Minnesota.

Lancette Agency, LLC can help you get coverage. Call us at (651) 264-1230 for a free Minnesota flood insurance quote.
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