Anywhere it can rain, it can flood. It’s a fact of life. You don’t have to live next to a river, lake, or the ocean to be in danger of a flooded home. In fact, floods are considered the most common natural disaster in the United States.
Scary, right? That’s why it’s important to make sure you have flood insurance.
Why Flood Insurance is Important
Flooding can strike any state in the country and often leave huge repair costs for homeowners. Why? Because your standard homeowners insurance policy doesn’t cover flooding. You might be covered if you get a hole in your roof or in wind-driven rain. But an overflowing river, massive rainfall, and tidal waves won’t be covered losses under your regular policy.
FEMA defines a flood as general and temporary condition of partial or complete covering of two or more acres of land by water. The land in question should be dry under normal circumstances. You don’t have to live in a high-risk flood zone to be under threat of a flood. In fact, anywhere from 20 to 25 percent of flooding claims come from owners outside high risk zones.
What You Need to Know About Flood Insurance
Homeowners with a mortgage who live in high risk zones are already required by their lender to purchase flood insurance. This coverage comes from the National Flood Insurance Program (NFIP) but can be purchased through your insurance agent. If you’re in a low risk area, you still need coverage. The good news is that the price of your flood insurance will be lower when you’re outside the riskier areas.
Flood insurance can be purchased to cover your home’s structure, the contents of your home, or both. A deductible will be required for any claims on the contents of your home. Like other insurance coverages, you can choose the amount of your deductible when you sign up. There’s a 30 day wait for flood insurance so it’s something you want to do before bad weather strikes.
A little known feature about flood insurance is that it will also help cover the cost of renovations to get your home in compliance with new regulations after a flood occurs. Let’s say you live in a floodplain and the first floor of your home floods after a major storm. A new mandate is created after this event that says homes must be elevated by three feet to prevent future flood damage. Your flood insurance policy will help pay for that renovation.
Even in area that hasn’t seen flooding in decades could be hit. All it takes is one bad rainstorm to overflow banks and cause flash flooding somewhere. Don’t get caught without the right insurance to help you if the worst happens. Here at Charlotte Insurance, we can help you choose a flood insurance policy through the NFIP. Contact us today and let’s get started!