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Insurance

How to protect your home from a flood

Before a Flood

One of the most important things you can do to protect your home, particularly if the area in which you live is prone to flooding, is to purchase adequate flood insurance. The National Flood Insurance Program (NFIP) guarantees coverage and is administered by the Federal Emergency Management Agency (FEMA). Don’t wait until a flood is imminent to purchase flood insurance.

FEMA also suggests that you move appliances or anything of value out of the basement if you live in a flood-prone area and install electric service entrance panels and utility meters above anticipated flood levels.

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Mortgage life insurance

mortgage life insurance

In the current economic times, homeowners may want to consider looking into mortgage life insurance to protect their mortgage and hence protect their family in times of financial crisis. Purchasing a home is a major expense that requires a significant and long term financial commitment. When you initially apply for a mortgage, you are approved for loan funding based on your financial status at the time of application. Most people do not expect that their financial situations will get worse over time, but in some cases that is exactly what happens. After all, how long could one continue to pay their mortgage in the event of a disability or a job loss?

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