Remember to Buy Both Renters Insurance and Flood Insurance

As floods hit the United States this past spring, they served as a reminder to us all that it is important to invest in flood insurance. 


If you carry a mortgage on your home and live in a flood zone, you are most likely required to carry flood insurance by your mortgage company. Most homeowners who carry flood insurance while under a mortgage continue to carry flood insurance once they pay off their homes as well.  


However, if you are just renting your home or apartment and live in a flood zone, you are not required to have flood insurance. To protect yourself, you should consider investing in flood insurance this summer.  


Many people incorrectly assume that their renters insurance will cover their belongings in the event of a flood. Your renters insurance will cover your belongs in the event of loss, thief and fire. However, it will not cover your belongings in the event of a flood. 


Many people also incorrectly believe that they are covered under their apartment or property management’s insurance. This is not the case. Their insurance covers structural damage to their building. It does not cover damage to your belongings. They are looking after their best interests, not your best interests.  


The good news is that if you live in a flood zone, it only takes a small monthly investment to add flood insurance to your renter’s insurance policy. Adding flood insurance ensures that you are covered no matter the situation. It will not cost anywhere near the amount of homeowner’s flood insurance costs since it only has to cover the costs of your belongs, and not the cost of the structure you live in. 


Talk to your insurance agent today about adding flood insurance to your renter’s insurance policy.