Do I Need Flood Insurance If I Own My Own Home?

The things that make living in Oklahoma City, OK great – the numerous rivers and lakes that attract boaters and recreational fishers – also make it vulnerable to floods. Flooding is one of the most devastating hazards your home can face. It’s also a hazard that’s not covered by your standard homeowner’s insurance policy. If you live in a flood zone or any other area that’s vulnerable to flash flooding, having flood insurance from Freeland Insurance can help repair the damage and make replacing your personal belongings easier.

When you purchase a new home with the help of your mortgage lender, you’ll notice a few important stipulations in your mortgage agreement. Not only will you need a homeowner’s insurance policy, but you’ll also need to carry flood insurance coverage. Lenders can decide whether to require mortgage holders to have flood insurance in low-to-moderate-risk areas. In high-risk areas, however, any homeowner with a federally regulated or insured mortgage must have flood insurance coverage by law.

A new home is a major investment for both the buyer and the mortgage lender. Carrying both policies not only ensures that you’re financially covered in case of flooding, but it also ensures your lender won’t lose its collateral – your home – to the severe damage that’s often caused by flooding.

Once you’ve finally paid off your mortgage, however, you’re no longer under any obligation to maintain your flood insurance coverage. But that doesn’t mean you should ditch your policy at the first opportunity. Your flood insurance policy ensures you’re financially covered if and when the next flash flood makes a mess of your home.

If you own your Oklahoma City, OK free and clear, it’s up to you to decide if your home still needs flood insurance coverage. Contact Freeland Insurance today for a no-obligation consultation with one of our independent agents.

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