If you live in a flood zone in Coalgate, Oklahoma, you will most likely need or want to buy flood insurance. If you have a mortgage, your lender will insist that you carry flood insurance. If you own your home outright, you will want to purchase flood insurance to protect you from the financial risk of a devastating loss due to a flood.
Flood insurance is issued through the National Flood Insurance Program and can be bought through your independent agent or an insurance company that is authorized to sell flood insurance. While your home policy will cover water damage from a broken pipe or an overflowing bathtub, it does not cover flooding from outside sources like a river that overflows its banks or tidal surge.
When you buy any type of insurance, you do so to lower your personal financial risk in the event of a loss. Even if you live in a low-risk area of Coalgate, Oklahoma, there is still some risk of flooding. FEMA draws up maps that show the different flood zones and those flood zones are ranked in terms of how likely that area is to flood.
If you live outside of a flood zone, you probably do not need flood insurance. However, if you are abundantly cautious and want the extra cover to protect against the remote possibility of a flood, you can buy coverage. The good thing is that your premium will be very low because the risk of having to pay out a claim is also very low.
If you are not sure whether or not you should buy flood insurance because you do not live in a high-risk area, why not call your independent agent and find out all of the pros and cons of buying coverage? An independent agent is there to help.