Even if you live in a drier part of the country, you may be asking, “Do I need flood insurance?” Everyone is at risk. Here’s what you should know about floods.
Did you know that 49 states measured more water this year than in the last 20 years? Eleven states needed federal disaster funds for more than 400 counties because of floods.
Floods are a common natural disaster and can create costly damage, but if you live in a drier area, you may think, do I need flood insurance? Keep reading, and we will walk you through the risks and why you should get flood insurance.
High Risk vs. Low-Risk Zones
Homeowner’s insurance doesn’t cover floods. If you have a mortgage on your house and you’re in a high-risk flood zone, your lender will most likely require that you buy flood insurance.
Everyone is in an area where there is a risk of flooding. However, there are levels of risk, and for flooding in the United States, cities are classified by high-risk, low-risk, or moderate-risk.
You can search your address and see your community’s flood zone. It will not only explain the flood risk for your area, but it will also discuss how the flood zones set the insurance requirements and costs.
Do I Need Flood Insurance?
Flood insurance will give you financial protection if a flood damages your house or belongings.
Over 20% of flood insurance claims are from areas that are low or moderate-risk. Even if you don’t live in a high-risk area, you must get flood insurance because they are the most common natural disaster and create costly damage.
You can get flood insurance through the National Food Insurance Program, and private flood insurance options are available as well.
A federal flood policy can cover costs up to $250,000. If your house costs more to rebuild and fix the damages done by the flood, you may have to buy a private flood insurance policy.
If you need help picking the right flood insurance, we can give tips and advice while looking for insurance.
It would help if you asked the following questions before buying flood insurance:
- What will and won’t be covered?
- Are there any added expenses or fees?
- Can my zone change over time, and would that affect my rates?
- Will my policy insure me the cost of replacing my household items or what they’re valued at?
What Flood Insurance Covers
Flood insurance covers structural damage to your home and your personal belongings damaged in the flood. The average flood claim is about $30,000 but can be a lot higher, depending on your property.
Damages can range from your walls becoming moldy or having to rip up your carpet to your dishwasher or washing machine becoming ruined or damaged so you can’t use it.
Floods can cause extensive damage, and you want to make sure you’re covered because one flood could cost a lot of money in damages.
Get Flood Insurance Today
Do I need flood insurance? Now you can answer this question, knowing that even if you live in a low or moderate risk zone, you can still be affected by floods.
Do your research and ask questions before purchasing insurance.
Reach out to an insurance agent today, or keep reading about our lawn services here!
