In 2017, FEMA reported that 8% of the American population experienced some kind of major disaster. That is a record!
One of the most common forms of natural disaster to affect Americans is flooding.
The question is, is your home insured?
If you’re of the mindset that you simply can’t afford flood insurance or flooding isn’t a major risk for your home, think again.
Here are 5 reasons everyone should consider buying flood insurance.
1. Save Yourself Thousands of Dollars
Whether you live in an area zoned as a high flood risk or not, it’s wise to be prepared. In the unfortunate event that your home does experience a flood, you could end up with literally thousands of dollars in repair costs if you’re uninsured.
Even one inch of flood waters can do serious damage to your home.
According to FEMA, 3 inches of flood water can set you back around $8,000 if you have no insurance.
Just think about it, with only 3 inches of flooding, you’re looking at replacing everything from carpets, hardwood, furniture, baseboards, or even drywall, or anything else you might have touching your floors.
If you have a larger flood, say over 9 inches, your out of pocket costs skyrocket upwards of around $18,000.
Many floods caused by natural events like rains or storms, may reach well over 12 inches. This means you’d be looking at paying for not just flooring, but electrical, drywall, cabinets, doors, heating or cooling systems, some major appliances.
Floods this serious will hit hard at near $25,000.
Luckily, having the right kind of flood insurance ahead of time can take those thousand-dollar damages and reduce them to out of pocket costs in the hundreds instead.
The last thing you need in a time of unexpected disaster is to add more burden via heavy financial setbacks. So, do yourself a favor and save some money. Buying flood insurance is a protection for your home and your wallet.
To find out if your home is in a high-risk flood zone, visit FloodSmart.gov.
2. Homeowner’s Insurance Doesn’t Protect You from Floods
Yikes. Did you know this? Homeowner’s insurance technically only protects you against water that is “falling from the sky.”
That means that flood waters aren’t covered and unless you specifically purchase flood insurance, you’re going to be paying for that flooding damage yourself.
Think of it this way, say lightning strikes your neighbor’s tree, causing it to fall on your roof and create a crack. If that crack allows rainwater into your home that results in damage, your homeowner’s insurance will protect you from heavy costs to repair.
However, if that same rainstorm floods the sewers on your street and that floodwater seeps in and ruins your hardwood floors, you’re going to wish you had flood insurance.
3. You Can’t Depend on Government Help
The only way to receive federal help with your home flooding is if the area you live in is officially declared a federal disaster area. Unfortunately, this is rarer than you might think…
On the off chance that you don’t have flood insurance, but your area is declared a federal disaster area, be aware that government assistance to repair flood damage usually comes through federal loans.
This means you’ll still be responsible for paying for that damage in the long-run, and you’ll have loan interest rates to worry about as well. In contrast, flood insurance claims average around $30,000. That’s $30,000 of damages covered that you never have to pay for.
Anywhere from 20-25% of all flood insurance claims come from people who don’t live in “high risk” flooding areas. In other words, no one is safe from flood damage.
If your home is one of those located in a low or moderate risk zone, and you’ve got no flood insurance, you better hope that if a flood does occur, it’s a federal disaster.
That means no washer overflowing, leaky pipes, dishwasher flooding. If that happens, not even government loans can help you pay for the damage.
If buying flood insurance isn’t sounding like a no-brainer yet, keep reading…
4. Floods are the Most Common Natural Disaster
Scary, but true. According to FEMA estimates, flooding is not only the most common natural disaster to affect Americans each year, but it’s also the most expensive.
Americans foot the bill for around $8.2 million in flood damages every year.
Flooding can accompany various natural disasters. Hurricanes, earthquakes, tornadoes, fires, and many natural disasters you might not expect to can cause flooding.
It’s important to realize that purchasing flood insurance not only protects you from the flooding you most often think of coming from heavy rains. Flood insurance also protects you when your upstairs neighbor’s bathtub overflows.
Many FEMA numbers also indicate that even an inch of flooding (like that from your child leaving the sink running), can cost you tens of thousands of dollars. Unless you have an extra $27,000 lying around, we recommend finding a reliable flood insurance agent.
5. Peace of Mind
Without flood insurance, you could be looking at losing your home in the case of disaster, or at best, many of your possessions or thousands of dollars.
At the end of the day, perhaps one of the most valuable benefits of buying flood insurance is simply having the peace of mind in knowing that should a flood occur, your home and possessions will be safe.
Buying flood insurance doesn’t have to be costly, but going without it could be devastating.
Depending on where you live, the size of your home, and the value of your home, you can find very affordable flood insurance policies for only a few hundred dollars a year.
Buying Flood Insurance
If you’re ready to protect your home and possessions from the event of a disaster, contact us today.
One of our qualified and experienced agents can assist you in getting a quote for your home and knowing what kind of flood insurance is best for you.
Buying flood insurance can bring you comfort and save you needless stress and wasted funds. Make the wise choice today and give us a call to get protected.
**This blog provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverage. These definitions do not alter or modify the terms of any insurance contract.