If you live in an area prone to floods, there is no doubt that you should carry flood insurance on your property. Many homeowners assume that it is included in a standard homeowner’s policy but it is not.

Sometimes a bank will require that a mortgagee have flood insurance in place. Because of the contract between them and the bank, it is a requirement and the mortgagee must get flood insurance which is purchased separately from regular insurance.

Types of Coverage

The only way to avoid paying for this type of coverage is to prove to your lender that your home is not located within a flood zone or flood plain. To do this you would need to get documentation of this from FEMA online.

Flood Insurance Rate Map

You need to find where your property is located on their Flood Insurance Rate Map. If your property does not fall in a flood zone, technically you are not required to have flood insurance even if your bank requests that you.

Be aware that you may want flood insurance even if it is not in a flood zone. This is because any property can flood depending on a variety of circumstances, especially inclement weather. You may want to have an insurance policy in place to protect your home just in case it ever were to flood.

Paying For Flood Insurance

But if your lender sends you a letter requiring flood insurance or they request it when you buy a property, be sure to verify it is in a flood zone. If you do not do this, you could be paying for insurance that you do not need to be paying for.

Always buy any additional insurance yourself rather than allow your bank to do it for you. They charge much more for obtaining the coverage for you than you might pay to obtain it yourself. For detail information  visit http://www.mymeridianinsurance.com/home-insurance-knoxville-tn