Whether or not you reside in a flood-prone area, nearly anyone can benefit from a flood insurance policy. As the weather continues to spawn unpredictable winds and rains, it’s best to prepare for the changing seasons. Provide your home the protection it deserves by busting these common flood insurance myths.
Myth 1 – Homeowner’s Insurance Will Cover Flood Damage
A standard homeowner’s insurance policy will cover limited types of water damage, except flooding, according to the Federal Emergency Management Agency (FEMA).
Myth 2 – Flood Insurance is Only Necessary for Flood Zones
If you live in a low to moderate-risk area, don’t get too comfortable. As compared to a residential fire, relatively “safe” spaces are five times more likely to experience a flood within 30 years.
As per FEMA, 20% of flood insurance claims hail from low-risk flood zones. If your community participates in the National Flood Insurance Program (NFIP), you might consider facilitating your application through them. Otherwise, you can pursue an application with a private insurer.
Myth 3 – Only Homeowners are Entitled to Flood Insurance
Owning a single-family home isn’t a flood insurance qualifier. Renters have just as much a right to pursue flood insurance as do commercial property owners.
Myth 4 – It’s Best to Purchase Flood Insurance During the Rainy Season
Many tend to overlook flood insurance until the water begins to rise. When it comes to purchasing a flood insurance policy, do so proactively, not when the weather starts to pose a threat.
Not to mention, delaying your application means having to wait 30 days before your policy goes into effect.
Myth 5 – Minor Flooding Won’t Cause Much Damage
Keep in mind that even one inch of water can cause severe damage to your flooring, appliances, and internal infrastructures. In fact, an inch can result in up to $25,000 in damage. On average, claims for flood insurance rake up to $30,000.
Myth 6 – Flood Insurance Will Cover 100% of the Damages
As with all types of insurance policies, flood insurance has its limits. Standard insurance will cover up to $250,000 in single-family homes or condominium units and $100,000 for personal belongings. Commercial flood insurance covers up to $500,000 for building damages and an additional, identical amount for business contents.
Myth 7 – Government Assistance Will Cover Damage for You
On rare occasions, flood victims can turn to federal disaster funds. However, they are only available under circumstances in which the president declares a state of national disaster. When this occurs, federal coverage usually caps at $5,000.
Myth 8 – Flood Maps Remain Unchanging
Flood maps reflect a community’s risk of flooding, which tends to change over time. New buildings, community growth, and green space reduction can all contribute to how flood-prone an area becomes.
Myth 9 – It Only Floods Once in a Century in Flood Plains
100-year old flood plains have a 1 in 100 chance of flooding, which many individuals mistake for a single flood every hundred years.
Conclusion
When dealing with potential flood damage, knowledge and active preparation are vital to securing your family and belongings. Ultimately, flood insurance will only serve to benefit you.
Get a flood insurance quote today from Quesurance and start gearing up for any potential property loss. Work with our experts to learn more about how to determine risk factors for your specific property.
