5 Things You Need to Know About Flood Insurance
With changes in recent weather patterns around the world, it has been hard to predict previously consistent outcomes in certain areas. Some areas that are usually dry, like Las Vegas, are being subjected to heavy rains that can lead to serious flooding. With this in mind, it is important for homeowners to protect themselves and their property by considering the necessary insurance policies that will cover everything that can and may happen to their home. While many homeowners may not have thought much about flood insurance in the past, it is important to educate yourself on what benefits the coverage provides. Here are five things you need to know about flood insurance:
Homeowners Insurance Does Not Cover Flooding
While it seems that a homeowners insurance policy should cover everything from the top to the bottom, there are a few places that not even this policy can reach. After a summer of higher than average precipitation quantities and multiple flash flood warnings, residents in Las Vegas are wondering if they need coverage for flooding. Flooding can be a serious threat to any home, which makes it important that homeowners look into coverage for this danger. Without flood insurance, homeowners run the risk of paying for flood damage directly out of their own pocket.
A Flood Could Really Cost You
This may seem obvious, but not many homeowners understand the gravity of flood damage. A few inches of floodwater can result in thousands of dollars in repairs. From mold and mildew to severe water damage and loss of personal items such as furniture, clothing, and electronics, the costs can mount and you can find yourself underwater in more ways than one.
Flood Insurance is Available
Many homeowners may skip flood insurance because of other factors such as cost and availability. Purchasing flood insurance from your insurance agent is simple, and homeowners can buy a policy even if their property has not been flooded before. No matter what type of buyer you are, whether a homeowner, renter, or business owner, you are always eligible to purchase a flood insurance policy.
Flood Insurance is Actually Affordable
The cost of a flood insurance policy depends on various factors, which means that no two rates are going to be the same. Some factors include the flood zone of the property, history of flood claims, any home improvements made to lessen any future flood damage, date of construction, and the elevation of the property. With these in mind, your insurance agent can give you a quote that fits your budget and a policy that fits your needs.
Your Home is Always in a Flood Zone
Whether a home is located in a dry area with little to no rain or in an area where there is heavy rain and lots of moisture, it is always in a flood zone. In fact, the National Flood Insurance Program has reported that approximately 20% of all flooding insurance claims are issued by homeowners located in areas thought to be at low risk for flooding. With this in mind, whether or not the homeowner’s mortgage company advised them to purchase flood insurance, they are in a flood zone nonetheless. With flood insurance being both affordable and available, homeowners would be well served to investigate the possibility further.
With these five factors in mind, homeowners can move forward with their insurance agent to purchase the perfect policy for them and their homes. While it may seem unlikely that a flood could damage your home, it is not impossible, and having coverage is a much better option than being caught off guard and forced to pay thousands of dollars from your own pocket. No matter where you live, flooding can definitely happen and the damage can be extreme. To keep yourself, your home, and your belongings covered from serious damage, you should contact your insurance agent as soon as possible to discuss your coverage options.