Calculating Flood Insurance

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Calculating flood insurance will require you to find values for all of the items in your home that could be damaged if a flood occurs. Find out about calculating flood insurance with help from an experienced insurance professional in this free video clip.

Part of the Video Series: Insurance Questions
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Video Transcript

Hi, my name is Susan Combs and today we're gonna talk about calculating flood insurance. When it comes to calculating flood insurance there's not really a factor as a multiplier that you can you know figure out with a mathematical equation. There's some different things to come into play. But first lets talk a little about what flood insurance is. So depending upon how your house is zoned you might be in a flood area or you might not be in a flood area. Typically if you're in a highly you know a highly rated flood area zone you're gonna have to purchase flood insurance through the government. But if you're not in one of those higher zones then you can actually purchase it through a private carrier. Some people think that their homeowners insurance covers flood insurance, typically not, typically this is an additional policy that you're gonna purchase. So when it comes to calculating the premium on this there's going to be different things that they look at. They're going to look at the value of your home. They're also gonna look at how much you still owe on your mortgage as well as they're gonna look at what flood zone you're in. So those are the main factors that come into play and the best thing to do to get a firm quote is to talk to your insurance broker or to talk to your carrier and see if they can offer you another policy that is gonna cover you for flood.


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