Why Do You Need Flood Insurance?

Updated: 6 days ago

Based on weather lately. I thought this would be a great time to talk about Flood Insurance.

Flood insurance is an essential safeguard for homeowners, offering protection that standard homeowners insurance policies simply do not provide. Here’s why you should consider adding flood insurance to your coverage:

Homeowners Insurance Won’t Cover It

Standard homeowners insurance policies do not cover damage from rising water or floods. This means that without flood insurance, you could be left to cover the costs of flood damage out of pocket.

Flood Risk is Broader Than You Think

Flooding can occur anywhere, not just in high-risk zones. In fact, 40% of flood claims come from areas that are not considered high-risk. Even if your neighborhood has never experienced flooding, it’s still a possibility.

Coverage for Your Belongings

Flood insurance can include contents coverage, which protects your personal belongings and valuables from flood damage. This ensures that your possessions are covered in the event of a flood.

Affordable Protection

Flood insurance is more affordable than you might think. On average, customers in low-risk zones pay around $600 per year for private flood insurance 2. This is a small price to pay for the peace of mind that comes with knowing you’re protected.

Lender Required

If you have a mortgage, your lender may require you to have flood insurance to protect their investment in your property. This is especially common in areas prone to flooding.

Private Flood Insurance vs. FEMA Flood Insurance

When it comes to flood insurance, you have options. Here’s a comparison between private flood insurance and FEMA flood insurance:

Private Flood Insurance

Flexibility: Often offers customizable coverage options tailored to your needs.
Higher Coverage Limits: Potentially higher limits for both structure and contents.
Building Coverage: Can provide Replacement Cost Value or Actual Cash Value, depending on the policy.
Loss of Use Coverage: Covers temporary living expenses if you need to stay in a hotel or rental while your home is repaired.
Contents Coverage: Includes Replacement Cost Value for your personal belongings.
Pool Repair and Refill: Coverage up to $20,000 for pool repair and refill.
Unattached Structures: Coverage for unattached structures (e.g., sheds, garages) up to $100,000.

FEMA Flood Insurance

Standardized Coverage: Backed by the government, making it more accessible but with less flexibility.
Coverage Limits: Standard coverage limits set by FEMA.
Building Coverage: Covers up to 80% of the full replacement cost or the maximum amount of coverage available, which is $250,000.

Flexible Payment Options

Flood insurance providers offer multiple payment methods to fit your budget, and financing options are available to make it even more accessible.

In conclusion, flood insurance is a crucial investment for any homeowner. It provides peace of mind and financial protection against the unpredictable nature of floods. Don’t wait until it’s too late—consider adding flood insurance to your coverage today.

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