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Ask Adam: Do I Need Flood Insurance?

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This regularly-scheduled sponsored Q&A column is written by Adam Gallegos of Arlington-based real estate firm Arbour Realty, voted one of Arlington Magazine’s Best Realtors of 2013 & 2014. Please submit your questions via email.

Q. We recently purchased a home and are loving it so far. We haven’t had any problems with flooding and hopefully never will, but being worrywarts we are wondering if we should purchase flood insurance for our home.

A. Interestingly, you are the third person who has asked me about flood insurance in Arlington during the last month. Typically this is the type of question that comes up more in Alexandria where flooding is more prevalent. Maybe the hard rains we had this summer have caused some concerns.

Almost all lenders require flood zone certification prior to them lending you money to purchase a home. They want to be sure that you have flood insurance in place if your home is in a flood zone as determined by FEMA. It sounds like your concern goes beyond just the minimum standard of protection.

I shared your question with insurance expert Max Olson at Nationwide Insurance. Below is what he had to say:

A great place to look to see the likelihood of a flood for your property is www.floodsmart.gov. This website will tell you what the likelihood of a flood is for your property and will even give you ranges on the cost of flood insurance as long as you type in your address. People think that floods only happen in high risk flood zones, but 20 percent of all flood claims occur in low to moderate risk flood zones.

On the other hand, keep in mind that certain scenarios people call “flooding” would already be covered under most home insurance policies (like a pipe bursting and ‘”flooding” a basement or a sump pump failing and “flooding” a basement). Your insurance agent can go through all the different scenarios and what would be covered under a flood policy vs your home insurance policy.

Below is contact information for Max incase you have additional questions or need a great insurance agent.

Max Olson
Olson Insurance Agency
Nationwide Insurance
(571) 438-6902 office
[email protected]
nationwidemax.com

The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.

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