Floods can spell disaster if you don’t have the right type of insurance coverage. Many people have the mistaken impression that they already have flood insurance or don’t need it at all because they aren’t near a water source or flood plain. These myths can prove to be costly if you don’t have the type of flood insurance you need to be fully protected.
Common Myths About Flood Insurance
- Floods Are Covered by Homeowners Insurance
Floods and water damage are two different things. While most homeowners policies will cover specific types of water damage, they won’t cover damage caused by floods. Knowing the difference and ensuring you have the type of insurance you need is the best way to protect yourself from financial disaster. Don’t wait until a flood occurs to find out you don’t have the coverage you need.
- No Flood Zone, No Flood Insurance Needed
Most people mistakenly believe that they won’t have to worry about damage from flood waters if they don’t live in a flood zone. The fact is, you can be well outside of a registered floodplain and still experience flood damage. Even if the closest water source is miles away, a series of heavy rains can cause water to stay on the surface of the ground and actually flood your home. If water keeps falling faster than it can drain away, you will eventually have problems.
- Flood Insurance Is Too Expensive
Flood insurance is an added expense. Yet, it’s not overly expensive if you consider the price you will pay if you experience flood damage and don’t have the insurance protection you need to pay for the necessary repairs. A good flood insurance policy will help you maintain financial security by covering potential risks.
- Renters Can’t Get Flood Insurance
Renters can get flood insurance just like homeowners. Just because you don’t own the structure doesn’t mean you shouldn’t be able to protect your personal property from flood damage. If you experience water damage due to a flood, your landlord’s insurance won’t cover your damages. You will need to have flood insurance coverage of your own.
- If a Flood Occurs, I’ll Get Government Assistance
When flooding is extensive due to a river or large body of water overflowing, the government will often step in and offer some type of assistance. The amount a homeowner receives isn’t always enough to repair all of the damages that flood waters may cause. Protect yourself by making sure you have the amount of flood insurance coverage you need. If you live in a flood zone, you may qualify for a flood insurance policy that is subsidized by the government. The National Flood Insurance Program offers insurance to homeowners in recognized flood zones.
Want to know what your homeowners insurance covers when it comes to a flood? Contact our agents at Hoffman Brown Company, who will review your policy with you and explain all the different perils covered. We will also guide you through the process of getting the type of flood insurance that you need.