Living in Oklahoma comes with certain weather-related risks, one of which is flooding. This risk can increase with heavy storms throughout the year. For homeowners seeking to protect their property, flood insurance can be a valuable option. Several factors should be considered when deciding if you need flood insurance.
Evaluating Flood Risk
The first factor to consider when deciding on flood insurance is your area’s flood risk. FEMA regularly updates flood maps that identify areas with a higher risk of flooding. If your property is in a high-risk area, obtaining additional coverage would be advisable.
Insurance Requirements
Another factor to consider is the requirements under your mortgage and other agreements. Mortgage lenders take flood damage risk seriously. If your property is in a flood zone, the lender will likely have specific insurance requirements. It’s crucial to get the right coverage to meet these requirements, which will prevent penalties or the lender imposing more expensive coverage.
Regardless of whether you’re required to maintain flood insurance in Oklahoma, it’s always beneficial to discuss your needs with a trusted professional. If you’re seeking insurance in Oklahoma, contact our team at Insurance Source Solutions. Our professionals will help you assess your flood risk and provide the necessary guidance to create a new plan.
