Myth Busting: Flood Insurance For Homes
I’m sure you’ve heard hundreds of reasons you shouldn’t get flood insurance, because believe me I have heard it all throughout my career! Some of the most popular reasons I usually hear are that a homeowner doesn’t live in an area that can flood or that homeowner’s insurance should cover it.
Are those reasons actually true? I would call some of them myths. As we approach the end of the year, funding for the National Flood Insurance Program is one of the more controversial topics being discussed by lawmakers. Before you take a stance on flood insurance, let’s debunk some of these myths.
“I Don’t Live on a Flood Plain”
This is a very reasonable point, but did you know that flood maps are updated regularly? Just because you weren’t living in an area that could be affected by flooding, that doesn’t mean you’re still in the clear.
FEMA provides an interactive map that you can use to assess the potential for floods in your neighborhood. Flood insurance isn’t just for homes in high-risk areas, that’s why it’s important to understand the dangers and risks before you make a decision.
“Water Damage is the Same as Flood Damage”
Unfortunately, water damage and flood damage are not interchangeable. Water damage can be the result of several different factors including storm damage or pipes bursting. While flood damage would be the result of riverbanks overflowing or levees breaking for example.
Whether it’s an inch or three feet of flooding, the damage to a home from floods can range based on the severity. Flooding can cause water damage, but there is also the risk for structural damage and mold after a flood.
“My Homeowners Insurance Covers Floods”
Are you sure? Most standard policies do not include flood coverage. If you’re looking for additional coverage against specific types of disasters, you need to understand your coverage first.
Flood insurance requires a little bit of pre-planning. Typically, there is a waiting period before your policy goes into effect. If you’re searching for coverage when the levees are close to being breached, you may be too late.
If you’re interested in learning more about flood insurance, send me an email at aniek@vanbeurden.com. Together we will weigh the risks and decide if flood insurance is the right fit for your home.
