Rainfall can be a beautiful thing. It provides the hydration essential to keep our land healthy, nourished, and beautiful. However, as with all good things (chocolate, for example), moderation is key…but you can’t exactly control mother nature.
Recent hurricanes, storms, and excessive rainfall have residents and businesses examining their flood insurance… and for a good reason. Flooding can cause severe and sometimes irreparable damage to property and premises. According to FEMA, just one inch of water can cost more than $20,000 in damage. So instead of scouring the internet looking for the top five things you need to know about flood insurance, we will give them to you here.
- Don’t wait till the last minute to invest in flood insurance – Like a fair amount of insurance policies, there is typically a waiting period attached to a flood insurance policy. This waiting period is usually 30 days, so be proactive and buy your policy well in advance of hurricane or storm seasons.
- Don’t rely solely on your homeowner’s policy – Standard homeowners’ policies exclude “tides” and sources of water that come from the ground instead of the sky. While your policy may cover a busted pipe, it won’t cover excessive rain or even a backed up outside sewer.
- Don’t assume that just because you rent you don’t need flood insurance – If your landlord isn’t required to have flood insurance, there is a good chance they haven’t invested in a policy. This means that water damage to your personal belongings would most likely not be covered.
- Invest in a policy to protect your business – It isn’t unusual for offices to be stocked full of expensive furniture, technology, and files. What happens if torrential rain causes the water to rise outside and your office floods? If you don’t have a non-residential flood policy, you could be stuck paying for the water damage and even trying to get rid of residual mold. Just like your typical homeowners’ insurance policy, your commercial property insurance usually doesn’t cover flooding resulting from water on the ground.
- Educate yourself about your options –Just because you’re not living or working in a designated high-risk flood area doesn’t mean you won’t be affected. Take the time to check out FEMA’s National Flood Insurance Program for more information on flood zones, maps, and preparation tactics.
While Hurricane Irma and Hurricane Harvey may be wreaking havoc states away and seem like isolated issues, they should serve as a wake-up call to everyone. Flooding CAN and WILL happen in every single state this year. Having a flood insurance policy shouldn’t be an option but a necessity. A clogged drain or a flood resulting from a slow-moving storm with excessive rainfall can happen to anyone, anytime, anywhere. Are you prepared?
Talk to your agent today for more information.
One thought on “5 Things You Need to Know About Flood Insurance”
Unless your home is paid off, you are required by most lenders to have flood insurance if you are in a flood zone and you can not opt out. Why these homes along known storm areas are not required to have flood insurance is beyond me. I was outside the flood zone until about 10 years ago, when the Corp of Army Eng. and FEMA moved me into a 500 year flood plain. So I am stuck paying for flood and storm damage done in other parts of the country.