Flood damage is not covered by your standard home insurance policy in Oklahoma, so you may be wondering if you should have it. If you live in a high-risk area, then your property has a 1-in-4 chance of flooding during your traditional 30-year mortgage. This means that flood insurance will be required by law if you are getting a mortgage from a federally regulated lender. Private lenders may also require insurance as part of your mortgage, but the law may not require it. If you aren’t sure if your property is in a high-risk area, reach out to an agent at S & S Insurance Services, Inc. in Oklahoma City, OK to check your risk profile.
If your home is located in a low risk or moderate area, then you may not be required to have flood insurance, but it’s still recommended. Even if you don’t live in a high-risk area, your property still has a 25% chance of flooding.
When purchasing flood insurance in Oklahoma City, OK, you will typically get coverage just for the building itself, but you are also able to buy insurance for the contents. Things that are permanently fastened to the house, such as cabinets, carpets, and light fixtures, are usually considered part of the building. Appliances could be considered personal property or building fixtures depending on what type they are. If you are going to be buying building coverage, you will need to see what appliances will be covered. It’s recommended that you buy both parts of the coverage in order to have full protection and contents coverage will cover items such as furniture. Many flood policies won’t go into effect right away. There is a 30-day waiting period for coverage so plan accordingly if you are going to purchase flood insurance.
Contact S & S Insurance Services, Inc. to get a quote on flood insurance.
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