As flooding continues to hit a variety of areas throughout the United States, there has been a significantly increased interest in purchasing flood insurance.
Flood insurance is a valuable method of obtaining a high level of protection for your home and personal property against the dangers of flooding and water damage.
Although flood insurance is valuable it can also be tricky. There are a lot of myths about flood insurance that we are going to put to rest. That way you can go about looking into flood insurance without wondering if you’re really going to be covered.
1. “My homeowner’s insurance also includes flood insurance.”
Actually, most homeowner insurance policies DO NOT normally cover flood damage. A lot of people think that since their homeowner policy is for their home that it includes any kind of flood damage. Make sure to double check with your insurance provider to see if your policy covers flood damage.
If your policy does not cover flood damage seek out and agent or company to get you set up with a policy that works for you and your home.
2. “I don’t live in a high-risk flood zone. I don’t need flood insurance.”
A lot of people think this way. However, according to FEMA.gov more than 20% of flood claims filed are from people who love outside of high-risk flood zones. Just because you don’t live in a high-risk zone doesn’t mean your home is incapable of flooding. Think about all of the indoor water issues you could face (burst pipe, overflowing sinks/toilets, etc.)
Also, flooding is the number one natural disaster in the United States. The NFIP (National Flood Insurance Program) is very affordable for people looking for coverage and some policies come out to less than $40 a month.
3. “If somehow my property does flood, it won’t be that much.”
Although this is an optimistic way of looking at things. Just 5 inches of water can cause at least 11,000 dollars worth of damage to your home. While for very few people that might not seem like a lot to others 11,000 dollars being kept inside the bank account is pretty important.
Having flood insurance alleviates the burden of even having to think about “rolling the dice” on how much damage you could possibly face when flooding occurs.
4. “Flood insurance is only available to homeowners.”
This is just simply not true. Flood insurance is available to renters, condo owners, and businesses. If you live in a community that participates in the NFIP they will have specific policies that cover your needs whether you are a renter, condo owner, or business.
Again, although it may seem inconvenient on the surface having flood insurance when you finally are faced with some sort of flood damage is pivotal in recovery.
5. “You’re not allowed to buy flood insurance right before a flood or even during one.”
You can purchase flood insurance at any time. If your community is a participator in the NFIP you can contact them immediately and get flood insurance. Keep in mind that there is usually a 30-day waiting period after the premium payment before the policy kicks in.
For more information about the National Flood Insurance Program you can give them a call at 800-427-4661 and also visit the website HERE.
98% of homes will deal with some type of flooding situation. Water damage is not a joke and if you take a proactive approach and prepare for it, you will have a much better chance of success in avoiding significant damage.
