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Flood Insurance Morehead City, NC

At Good Life Financial Advisors of Morehead City, NC, our mission is to help you work toward financial freedom with strategic planning solutions and the best insurance products, like flood insurance.

Expert guidance is paramount when selecting products and coverages that serve your best interest. And while there are many benefits of flood insurance, knowing which flood insurance plan would be best for you is the key. Here’s what you need to know.

What Is Flood Insurance?

Flood insurance usually is a separate policy designed to help protect your home and belongings if they are damaged in a flood. Standard property insurance policies, such as homeowners’ insurance, typically do not cover flood damage. While flood insurance policies vary in both cost and type of covered events, most policies include reimbursement for damage to the physical structure of your home and its foundation; plumbing and electrical systems; central air and heating systems; attached bookcases, cabinets and paneling; and a detached garage.

Do I need Flood Insurance?

In some cases, you may be required to have flood insurance. If you own a home on land that is at high risk of flooding, your mortgage lender may require you to purchase flood insurance.

Flood insurance isn't just for homes in high-risk areas, though. The Federal Emergency Management Agency (FEMA) says that all 50 states have experienced floods, and that more than 20 percent of the claims it handles come from the moderate- to low-risk regions.

How Can Flood Insurance Benefit Me?

So, what does a flood insurance policy help protect? FEMA says you can purchase coverage to help protect your home, your personal belongings, or both. Here are some of the basics for these two types of coverage:

Building Property Coverage - What it helps protect: The physical structure of your home and its foundation; plumbing and electrical systems; central air and heating systems; attached bookcases, cabinets and paneling; and a detached garage (other detached structures need their own policy).

How it typically pays out: Replacement cost basis (what it would take to repair the home in today's dollars) for a primary residence and actual cash value (which factors in depreciation) for a vacation home.

Personal Contents Coverage - What it helps protect: Clothing, furniture and electronics; curtains; some portable appliances; freezers and the foods within them; and certain valuables, like art (up to a specified limit).

How it typically pays out: Actual cash value basis (takes depreciation into account).

Schedule Your Complimentary Discovery Call

We hope you enjoyed learning about the benefits of flood insurance. If you believe you are a good candidate or have questions, our team is here to help! At Good Life Financial Advisors of Morehead City, we believe in empowering our clients with education and resources so that they can feel confident about their financial future. 

To learn more about flood insurance, contact us today to schedule a complimentary Discovery Call. This meeting is a no-obligation consultation to discuss your current life circumstances, financial situation, and long-term goals. It is also an opportunity for you to learn more about us and determine whether you feel comfortable moving forward with our team of financial professionals.

If you’re ready to discover the Good Life, contact us today to schedule your free consultation. We hope to help you soon!