The state doesn’t require homeowners to have flood insurance. However, this insurance may be a requirement to qualify for a mortgage if you are buying a home in a high-risk flooding area. Those who are getting federally backed FHA mortgages located in Special Flood Hazard areas are also going to need to purchase flood insurance. Even if you are not near the ocean or a major river, it still may be worth purchasing flood insurance because your homeowner's insurance will not cover floods. Floods aren’t usually reimbursed by the government, so unless you can afford the cost of repairing your home after a flood, flood insurance may be necessary. Even an inch of water can cause up to $10,000 in damages in a home. A quarter of floods happen in places that aren’t even located in a flood zone. The cost of flood insurance can depend on the coverage amount, the age of the home, and whether the property is your primary residence. Flood insurance can be purchased through the National Flood Insurance Program or other insurers, such as Kindle Insurance Agency.
Flood insurance in New Jersey will cover the structural elements of your home, which include the roof, exterior walls, plumbing, and electrical systems, cooling and heating systems, detached garage, and appliances. If appliances and the cooling and heating system are portable, then they won’t be covered. It can also cover personal belongings, which include clothing, electronics, furniture, and books. There are limits in terms of what can be covered and what the cause of damage is. The damage that is directly related to flooding that could have been prevented is typically not covered. Cars and anything outside, such as a fence or swimming pool, are not covered. Finished basements and the property that is in those basements won’t be covered either. You can choose the level of coverage, but there will be set limits for $250,000 for the home and $100,000 for the property.
Contact Kindle Insurance Agency to get a quote on flood insurance.