Why You Shouldn’t Drop Flood Insurance on Your Home That’s Paid For

Paying off your home is a milestone you should be proud to reach. Pride of home ownership is something that almost everyone desires in their lifetime. Now that the time has come, and you no longer have a mortgage to pay, you may be thinking of other ways to cut expenses out of your monthly budget. But as your insurance representative at Everett Insurance serving Glen Allen, VA can tell you, flood insurance is something you should hang onto.

Flood Insurance Covers More Than Weather Events

It doesn’t take a giant rainstorm to create flooding in your area. If you live near a body of water, that water could overflow its banks and cause flood damage to your property. Changes in conditions, such as dam breaking or other structural issues, can easily lead to water overflowing and running into residential areas.

Flood Insurance is Future Security

Consider what would happen if your home did flood. Your entire family would be displaced, and you could lose all of your possessions. Do you have enough money in your bank to replace everything and pay for alternate housing for an undetermined length of time? You may never be able to return to your home after it floods. There may be mold mitigation to take care of, or it may never be inhabitable again. For your security and everything you hold dear, hang on to your flood insurance for the life of your homeownership, even after your mortgage is paid off.

The State of Virginia doesn’t require homeowners to carry flood insurance. But with a large number of homes in flood-prone areas, it makes good sense to cover your largest asset, your home. Contact Everett Insurance, serving Glen Allen, VA, today to learn more about buying and maintaining your flood insurance after your home has already been paid for.