WKRN, Nashville, Tennessee News, Weather, and Sports |Homeowners wonder if they need flood insurance

Homeowners wonder if they need flood insurance

NASHVILLE, Tenn. - With widespread flooding and widespread flood damage in Georgia, many homeowners might wonder if they have or even need flood insurance.
 
According to Goodlettsville insurance agent Lee Smith, only about 5% of his customers carry flood insurance, but more may need it.

He told News 2, "I would venture a guess that 25% need it and are unaware they need it or just choose not to carry it."

Smith said the biggest misconception is that "flood insurance is not included in their homeowners' policy."

He said homeowners should find out if they need flood insurance when they first take out their insurance policy.

If you live in a flood zone, mortgage companies will require you to carry it.

Smith said the rates are simply based on the area and your insurance agent can help.

"They can look it up and if you live in a flood zone, they will let you know," he said.

According to smith, the cost "depends on how wet you are going to be when the flood comes."

Like most things, the more you need flood insurance, the more it is going to cost.

For those who have less risk, flood insurance rates are inexpensive.

Flood insurance is regulated by FEMA so shopping around from agent to agent isn't going to find you a better rate.

"I would say, if you can see a creek or a stream or a river from where you live, you need to look into flood insurance," Smith said.

Most of the time, mortgage companies make the decision for you whether to have flood insurance or not.

Anyone with questions should contact their insurance agent.