Regardless of where you live, there’s at least some risk of flooding. And one of your main priorities as a homeowner is to keep your home and other property safe from numerous disasters, including those stemming from nature. Unfortunately, your homeowners insurance will not cover the cost of flood damage.
That’s why having the right flood insurance is crucial for maintaining your sense of security within your own home. But flood insurance is also important for businesses because business insurance does not cover flood damage, either. Independent insurance agents are here to eliminate the hassle of searching on your own by walking you through a handpicked selection of top policies for you. But first, here's a deep dive into this crucial coverage.
What Is Flood Insurance?
Summed up, flood insurance will cover your property/structure and most of your belongings if they're inundated by natural water (i.e., rain, waves, etc.). Many policies dictate that the water must cover at least two acres of normally dry land in order to qualify for reimbursement. Flood insurance can be purchased by homeowners or business owners, or even renters.
Is Flood Insurance Mandatory?
Possibly. Your mortgage lender may require you to have a policy if your property is located in an area deemed to be at high risk of flooding. However, even properties that are not in designated high-risk areas may require coverage.
Check in with your mortgage lender to be sure. Either way, it's a safe bet to have it. Waking up to a basement full of water is already stressful enough, but having coverage could at least cushion the financial blow.
Why Do I Need Flood Insurance?
To protect your property, finances, and peace of mind. Floods cause millions of dollars in damage each year, and are the most common natural disaster in the US. Water damage is also extremely costly.
As little as one inch of water in a home can cost as much as $21,000. Having coverage could mean the difference between financial devastation and being able to rest easy, should a storm hit your area.
Who Sells Flood Insurance?
Flood insurance is available from many different insurance companies, and the best way to find the right carrier for you is through working with an independent insurance agent. Independent insurance agents have helped all types of insurance customers, including those in search of flood insurance. They know which insurance companies to recommend to meet your needs, and can provide informed suggestions based on company reliability, rates, and more.