YOUNGSTOWN, Ohio - Although the sun has been shining as of late, the Ohio Department of Insurance is reminding homeowners and renters to review their need for flood insurance.
If you live in a flood plain; near a lake, stream, or river, or have significant ponding of water in your yard you may want to buy flood insurance.
Ray Fallon a State Farm Agent in Hubbard says you must buy a separate flood policy with the National Flood Insurance Program or you are not covered.
"People should be aware of the fact they don't have it. Too many people will call an agent and say we had water coming in from a heavy rain and I've got damage in my basement and we're put in a position to tell them they don't have coverage for that," Fallon said.
He tells 21 News renters should also consider buying flood insurance in some circumstances. "Renters can also buy flood insurance. So if you live on the ground floor or basement that might be something you want to look at."
Rates for the government underwritten insurance are determined by whether you live in a high or low risk zone for flooding.
"It would protect the house itself, the dwelling, the house walls, electrical system, heating, system etc. Then there would be a separate coverage for contents or your personal property, furnishings, clothing, furniture, appliances that sort of thing," Fallon said.
There is a 30 day waiting period before coverage kicks in, unless you are buying a home and need the coverage for a mortgage closing
Click here for agent locater information and tips on how to secure coverage.
Source: http://www.wfmj.com/story/17155714/spring-is-a-time-to-review-your-flood-insurance-policy
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