At Maanen Insurance Group, we are always considering the insurance risks for our clients. You don’t have to spend as much time, but you should know the key points in time to consider purchasing flood insurance.
When Purchasing a New Home
Picking a home also means you pick the geography and climate of its surroundings. Unless there has been recent flooding, other concerns can make it easy to consider floods a far-off problem that might never happen. A home purchase can stay with your family for hundreds of years, and that’s the time scale that flood risk prediction uses. Knowing the flood risk of the house and its surroundings might influence your long-term outlook.
When the Floodplain Maps Are Updated
FEMA updates its flood risk maps with the help of locals. Greeley, CO has been working to update these maps, and they are expected to come into effect in 2022. As these maps are updated, your home might be moved into a different flood risk zone that influences your insurance rates and liabilities. If you act quickly after a change, you may be eligible for short-term discounts.
Regular Disaster Risk Checkups
Examining the threat of disasters to your home and family gives you a chance to recognize danger before it can strike. For floods, the long-term nature of the risk means an annual checkup of the same research you did before purchasing a home or flood insurance should be enough. With the time it takes to update floodplains maps, you should see upcoming changes in plenty of time to get any discounts. For example, Greeley, CO residents who checked at any point this year would know when the new maps are expected.
Even if you are not in an area where flood risks are high, not having flood insurance leaves a vulnerable gap in your financial future. Maanen Insurance Group will get you into the right policy as fast as possible to get your monetary sandbags in place.