Flood Insurance: Do You Need it?

Author: D16 June 28, 2015

Do you have flood insurance? Most of you reading this will probably answer no, but that doesn’t mean you shouldn’t have it. Did you know flooding can occur anywhere that it rains? You may be thinking that your home has no history of flooding and your basement has never had a drop of water in it, but that doesn’t mean it’s impossible . While that is a good thing, disasters can happen to anyone at anytime and high rain accumulation can result in flooding.

Here are some facts provided by www.floodsmart.gov regarding flooding:

  • A few inches of water from a flood can cause thousands of dollars in damage.
  • Your standard homeowners’ insurance policy does not cover flooding.
  • New land development around your home or business can increase your chance for flooding.
  • All 50 states have experienced some form of flooding.
  • Flash floods can bring water up to 10-15 feet high.

It is good news if you have a low risk of a flood occurring in your area because you will have lower flood insurance premiums than those living in high risk areas. The bad news though according to Flood Smart, for those who live in moderate to low risk areas, is that almost 20% of those people still file flood insurance claims. So if you are still thinking you don’t need to protect your home from a flood, you are wrong. You can plan for disasters the best way possible, but in order to protect everything you have worked for you may want to consider flood insurance.

You may not be aware but flooding can also be caused by snow melt and spring thaw, not just the rainy spring season.

Flood Risk is Based on, but not limited to:

  • Flood History
  • Rainfall
  • River-Flow
  • Tidal-Surge Data
  • Topography
  • Flood-Control Measures
  • Changes to Your Home/Building and development

Now that you have seen a few statistics regarding flooding, it is time to prepare! Preparation could help save you, your family and your home thousands of dollars if a flood strikes in your area. You should have record of all of your personal and valuable items in your home kept in a safe place, so when it is time to file a claim you are aware of what you had. Keeping these important documents will make your claim process go smoother. Also, develop an emergency plan in case of flooding just like you would in case of a fire. Practice your evacuation drill and don’t forget to include your pets in on the action.

If you would like more information on flood insurance or preparation contact your local insurance agent.

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