Flood insurance is not just for homeowners! In fact, renters and businesses also benefit from this type of insurance. In fact, most homeowners insurance does not cover flood damage. This is a separate policy that can cover anything from structure to possessions and everything in between.
Why Buy Flood Insurance?
- Devastating floods can happen in the blink of an eye, even in generally dry areas
- Over 90% of the country's counties were impacted by flooding between 1996 and 2020
- The average payout from the NFIP (National Flood Insurance Program - the federal program run by FEMA) in 2019 was just over $50,000
- Without insurance, you can expect almost all costs from a flood to be out of pocket
- Over 40% of America's homeowners (incorrectly) believe their homeowners insurance covers flood damage
- 20% of all claims are from areas with low to moderate flood risk
- There is a 30 day waiting period before flood insurance goes into affect, so the sooner the better
- It's extremely easy to purchase and brings great peace of mind
- Flood relief comes primarily from loans or government assistance, which is not always guaranteed
- Even if you live in a low to moderate flood risk area, you are five times more likely to experience a flood than a fire in your home over the next three decades
- Look into Preferred Risk Policies to see if you live in an area that qualifies as low risk
- Elevation Certificates can tell you the elevation of your home, which may need premium coverage, if you live in a higher risk area
- A flash flood can carry water starting at 10 feet high
- Single family homes worth less than $250,000 are likely to incur more damage than they're worth if flooded
- Just 6 feet of water can knock a 150 pound person off their feet and 12 feet can actually sweep away a car
- Water moving at only 10 mph can cause as much damage as 270 mph winds
- Dry floodproofing (added barriers) is not a guarantee and can be difficult to replace
- When purchasing a home, the seller can transfer the flood insurance to the buyer to avoid the 30 day waiting period
Being prepared is the name of the game when it comes to insurance. Please reach out to [email protected] with questions, or to connect with our office!