A catastrophic flood can happen anywhere in the country, including in Maryland. Whether or not you live on a property with a high or low risk of flooding, you will want to consider flood insurance if you rent or own. The National Flood Insurance Program will help you understand your risk with flood maps divided into three categories. If you live in a high-risk area, there is a 1% chance of flooding yearly. If you own a home in this area, you are required to get flood insurance if you have a certain type of mortgage. Moderate- to low-risk areas have a less chance of flooding yearly, but there is still a chance, and flood insurance is recommended for renters and property owners. Even if you are considered in a low-risk area, there is still a chance that flood loss can happen.
You can get two different types of flood insurance. There is one policy to protect the home’s structure that can also include damage to the water heater, floor surfaces, air conditioner, furnace, and debris removal and clean-up. A second policy will cover the inside of your home and items not covered under the building property coverage. This coverage can include personal belongings such as furniture, electronics, clothes, and your washer and dryer. An agent at Carrie Polk Insurance Inc. in Waldorf or Prince Frederick, MD can help you determine which coverage is right for you.
Every renter, condo owner, homeowner, and business owner is eligible to get flood insurance through the National Flood Insurance Program, as long as your community participates in the program. Keep in mind that it won’t go into effect immediately once you buy coverage, and there is a 30-day waiting period. If your community doesn’t participate in the NFIP, speak with an agent about private insurance.
Contact Carrie Polk Insurance Inc. in Waldorf or Prince Frederick, MD to get a quote on flood insurance.