Buying your own home is one of the most significant investments you’ll likely make. However, if you own a home in Wayzata, MN, it’s crucial to protect it from floods. Many homeowners mistakenly assume their standard policy covers flood damage, but this is often not the case. At Pizano Insurance, we can help you determine which add-ons you need for your home insurance to safeguard your property from potential flooding year-round.
What Home Insurance Doesn’t Cover
Traditional home insurance policies typically exclude coverage for the following:
- Heavy rain and storm surges.
- Overflowing creeks, lakes, and rivers.
- Rapid snowmelt.
- Water entering your home from the ground up.
When Flood Insurance is Required
Flood insurance is often mandatory if:
- Your home is located in a high-risk flood zone.
- You have a federally backed mortgage.
- Your lender requires flood coverage as part of your loan agreement.
What Flood Insurance Covers
A separate flood insurance policy is necessary for most homeowners. With the right policy, flood insurance can cover:
- Structural damage to your home.
- HVAC system repairs.
- Electrical and plumbing assistance.
- Appliances with built-in features.
- Limited coverage for personal belongings, depending on the policy you choose.
Coverage limits and options vary, so it is highly recommended that you review your policy details with a professional.
Understanding flood insurance requirements is essential for new homeowners. The more familiar you are with your coverage options, the easier it will be to find a policy that suits your needs and protects against potential risks. If you’re interested in learning more about flood insurance add-ons for your home insurance in Wayzata, MN, contact Pizano Insurance today for a quote and consultation.
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