For people all over the Catonsville, MD area, owning a home is a great long-term option. When you own property in this area, it is very important that you adequately protect it with insurance. Depending on your situation, this could include getting flood insurance. There are several situations when someone in the area may need to get flood insurance.
When it is a Lender Requirement
One of the most common situations when someone may have to get flood insurance is when it is a requirement set forth by a lender. If you have a home that is located in a FEMA flood zone, the lender will likely require that you carry flood insurance at all times. To ensure that their collateral is protected, they may also require that you escrow for these payments along with your monthly loan payment.
When Not Covered by Base Policy
Even if you are not required by a lender to have flood insurance, it still would be a good idea to get it in some situations. If you are at risk of flood damage and your base home insurance policy will not cover it, flood insurance is a practical necessity. This ensures that you will be able to pay to rebuild or replace your home if it is damaged by floodwaters.
There are a variety of situations when getting flood insurance will be a good option for someone in the Catonsville, MD. If you are looking for flood insurance for your property, you could find that the process of getting a policy can be complicated. The team at HBW Insurance Group could help you to get into a policy that gives the right type and level of protection. When you reach out to HBW Insurance Group, they will examine your situation and find the right type and level of flood insurance coverage.