5 Reasons Everyone, Including you, Should Have Flood Insurance!
1. Floods can Happen Anywhere & Anytime.
Are you at risk of flooding? An overflow of water onto commonly dry land is called a flood. Any area that experiences rainfall is susceptible to flooding, and areas near a body of water are more at risk. Out of all-natural disasters we face, floods are the most common to occur and strike unsuspecting civilians. Whether a flash flood, a slow or fast-rising flood, or a storm that brings water onto land, ensure you are protected with flood insurance.
2. Floods Cause Expensive & Extensive Damage
Envision a flood taking place in your house. Is your entire basement filled with water, and are you trotting through a foot of water trying to collect your belongings? The truth is that it takes much less water to experience a flood, and it is something more like an inch or two of water. As minuscule as two inches may seem, it can cause thousands of dollars of damage. One foot of water could increase the damage to upwards of tens of thousands of dollars. To see how much a flood could cost you, use the NFIP tool to see the toll flood damage could have on your wallet. We recommend having flood insurance even if you are in a low-risk area.
3. Most Homeowners or Renters Policies do NOT Cover Flood Damage
There is a common misconception that homeowners’ policies cover flood damage. In reality, that is usually not the norm, and you should always assume you are not covered unless your homeowners’ policy specifically says otherwise. Floods are considered a gradual event, not an accidental or sudden event, despite how unprepared people are for this type of inclement weather. Your policy may cover water damage, but this does not include flood damage, which means you could be left paying thousands out of pocket to make repairs.
4. Flood Insurance can Cover Building Coverage
Floods can cause major structural damage to your house. It can damage your flooring and even cause cracks in your foundation, resulting in thousands of dollars to fix. Floods weaken the structural integrity of your house. More severely, if rising waters are exposed to electrical wires, it may put you at risk of a house fire. Having flood insurance that covers building coverage can help you minimize potential out-of-pocket costs.
5. Flood Insurance Covers the Contents of your Belongings
Perhaps you store items in your basement that you would like to ensure are protected. You may think having homeowners insurance will protect you, but this is not the case if your belongings experience water damage from a flood. Having a separate flood policy that includes content coverage and building coverage will keep your belongings and house protected.
Key Takeaways
- Floods can happen to anyone and at any time
- Floods cause extensive and expensive damage
- Homeowners’ insurance does not cover flood damage
- Everyone should look into purchasing flood insurance
For most homeowners, floods are a low likelihood but high-cost risk. If you are hit by flooding, you could lose most of your personal possessions, face major reconstruction work, or even be left homeless for months while your property is made habitable again. In most cases, not having coverage for flooding is a chance you simply can’t afford to take.
Being prepared and having a policy in place can save you from potential future costs. Talk to an agent about getting flood insurance today by clicking here.
Contact us, and we’ll help explain the benefits of obtaining a separate flood insurance policy.
