Why Flood Insurance Is so Important

Post by: Kenzie on Mar 15th 2019


Why Flood Insurance Is so Important

March is Flood Safety Awareness month, which makes it the perfect time to learn more about the damage floods can cause and how to deal with the financial aftermath. Floods are common, abrupt, and devastating. It can ruin homes and cause thousands of dollars in repairs, and it can happen to anyone. For many, just as fearful as the loss of precious belongings and an arduous clean-up is the prospect of paying for the damage out of pocket. Flood insurance is often the only difference between a stable recovery and overwhelming debt. Here are just a few of the reasons why flood insurance is so crucially important for every homeowner in the event of flood damage.

Homeowners Insurance Won't Cover Your Home in a Flood

Many homeowners put off flood insurance because they believe their homeowners insurance will cover their home should they ever get caught in a flood, but that isn't really the case. Unless produced by a pipe break within the house, the typical home insurance policy won't provide coverage for damage or loss caused by flooding... and it's extremely likely that a flood will result in extensive injury to your home and property. This is the reason the NFIP (National Flood Insurance Program) exists. If you're a homeowner looking for flood coverage you'll need to purchase separate flood insurance specifically for it. Unfortunately, some homeowners don't find this out until it's too late.

Even Low-Risk Areas Have the Potential to Flood

Where it rains, it can just as easily flood. Flooding is one of the highest ranked natural disasters in the United States, and it can hit virtually any community in a low-risk, moderate-risk, or high-risk region. So while most mortgage companies already require homeowners in high-risk flood areas to purchase flood insurance, it's highly recommended for any homeowner living in a NFIP participating community, regardless of it being considered a low-risk or moderate-risk area. You can never predict when or how a flood will occur. Though the chances may be small, anything from a broken water main or a blocked drainage system during a heavy storm can take you by surprise and leave you with unforeseen, costly damage to your home. Even if you live in a low-risk area, purchasing flood insurance is a smart safety precaution to invest in.

Getting Flood Insurance Is Cheaper Than Repairing Your Home

Floods can cause disastrous amounts of financial damage to your home and property, and it doesn't take much to rack up the cost; even as little as five or six inches or water damage can cause thousands--or even tens of thousands--of dollars in property damage. It's not a desirable expense to find yourself stuck with. The average cost of flood insurance, on the other hand, will cost you a few hundred dollars per year depending on your property's risk. It's a much more inexpensive option in comparison to the cost of restoring your home on your own.

Flood damage is destructive enough as it is without the additional responsibility of paying out of pocket or taking out loans to repair your home's damages. Having flood insurance will provide peace of mind that the financial burden of flood damage won't be yours alone to carry. Just remember that there is normally a 30-day waiting period after purchase before the flood insurance's coverage takes effect, so reach out to your local insurance agent or company sooner rather than later.

Do you have any questions or concerns? Disaster Professionals offers 24/7 disaster recovery response for everything from flood cleanup to complete flood restoration. We're happy to help!