When shopping for a new home in Buffalo Grove, IL, you have many things to consider. All buyers should look into if their new home is in a flood zone before putting in an offer. Though buying a home in a flood zone should not deter you from making your purchase, you need to be sure you understand what can happen when shopping for homeowners insurance. For questions about insuring a home in a flood zone, call the experts at STARS Insurance to discuss your options.
What Is a Flood Zone?
When buying a home, check the areas flooding maps to see if your home is in a flood zone. Being in a flood zone puts your home at a higher risk of experiencing damage from floodwaters. In addition, living in a flood zone can result in higher insurance premiums, based on the flood zone your home is located. Flood zones are categorized as low, moderate, or high risk. The Federal Emergency Management (FEMA) website can help you see where the home you are buying falls in flood zone risk.
What is Flood Insurance?
Flood insurance is supplemental insurance protecting your home and belongings in the event of a flood. Typical homeowners insurance policies do not pay for flood damage caused by extreme storms, storm surge, or other events causing rising waters in your area. A flood insurance policy helps pay for repairs and replacement for items not covered under your homeowner’s insurance policy in the event of a flood.
Do I Need Flood Insurance?
If your new home is in a flood zone, having flood insurance is a good idea. Additionally, your mortgage lender may require you to carry flood insurance to protect your home.
For additional information about flood zones in Buffalo Grove, IL, or to see if your new home is in a flood zone, contact the experts at STARS Insurance. Our agents can help you cover your new home, even if it is in a flood zone.