As you’re going through the motions of finding the perfect home, there are so many things to consider beyond furnishings and fixtures. The first thing you will likely be looking into is a mortgage and homeowners insurance.   What you might not have considered is the possibility of having to purchase flood insurance. Even if you purchased the most expensive homeowner’s insurance available, it will very rarely cover damages from flooding.   You may find your mortgage lender is requiring you to have flood insurance regardless of the area your property is in, but if you are in a high-risk flood zone, Congress mandates federally regulated or insured lenders to require the insurance on all mortgaged properties.

The NFIP (National Flood Insurance Program), which is administered by FEMA, works with communities to create and enforce plans to manage and minimize damage from floods. You are able to determine the status of your property by checking the website as it will provide updated information on all communities. https://www.fema.gov/national-flood-insurance-program. If your local insurance agency does not offer flood insurance, the NFIP can provide the name of one of over 80 insurance companies that they work closely with.

Depending on if your property is listed in a low-risk zone or a high-risk zone, the cost of flood insurance can cost anywhere between $600 to over $10,000. When purchasing flood insurance, there is a mandatory 30 day waiting period before it takes effect. However, there are two scenarios that do not require you to wait the 30 days. 1) If you purchase the insurance at the same time you take the mortgage out on your property. 2) If you are purchasing a home that has an existing flood insurance policy, it can often be transferred with no lapse of coverage.

Know what is covered by your flood insurance.

While the land itself is not covered, your home and your possessions are covered.

Your Home coverage:

Home and foundation

Electrical and plumbing systems, heating and central air systems, furnaces and water heaters

Appliances (dishwashers, stoves, refrigerators)

Possessions covered:

Clothing, furniture, curtain, electronics

Portable items (Window air conditioners, microwaves)

So now your living in your new home and you have your flood insurance. There are things you can do now to minimize damages if you do have a flood. See the list below for just a few of the actions you should take soon after purchasing your home.

Waterproof your basement: Clear you gutters and storm drains. Check for leaks around any basement windows and doors. Seal your basement floor if needed to prevent water from seeping in.

Install a Sump Pump: If you are in a high flood area, the property probably already has a sump pump installed. Make sure the pump has been maintained. If the pump is hooked into your electrical, consider getting a battery-operated pump or one that can run on a generator since floodwaters can cause power outages that might last for multiple days.

Upgrade Electrical: Depending on where you power supply is located, you might want to consider hiring an electrician to move the electrical components well above the potential flood level of your home. It will not only prevent potential electrocution, but will protect water damage to electrical components.

Install/Inspect a septic pump alarm: Most newer septic systems have alarms as a standard feature. Make sure your alarm is in good working order as the alarm can alert you to flooding before it become a major issue. If the alarm sounds, call to have your system inspected as flooding can cause a backup of your sewer system into your home.