Flood insurance might be one of the most important forms of protection the average homeowner ever purchases.
Unfortunately, it’s also one of the most easily overlooked.
Following are some of the reasons flood insurance should be at the top of your insurance portfolio:
1. Revised FEMA Maps
Millions of homeowners across America have been surprised to learn they need to purchase flood insurance for the first time. New homebuyers and even sellers should make a point of obtaining up-to-date plat maps to determine if they fall within the new flood zones implemented by the Federal Emergency Management Agency. Otherwise, the mortgage company is likely to purchase a policy on your behalf.
2. High Risk
Even if your property doesn’t fall within a known flood zone, it’s often a good idea to purchase a flood insurance policy. Flooding is one of the most frequent high-dollar claims submitted. In fact, flooding is more likely to take place than is fire or other named hazards.
3. Big Damage Claims
Many homeowners make the mistake of thinking they are covered for flood-related damages when, in fact, they are not. Flooding is caused by more than merely rising water. Other common causes of flood-related damage are broken pipes, storm surge, rain and, of course, flash flooding. Unfortunately, the time to obtain flood insurance is before it’s needed. Don’t wait until storm season to obtain quotes, as it’s often too late. Most flood policies go into effect 30 days after purchase.
To determine if you’re fully covered in the event of flood-related damage, simply ask your agent.
Remember, flood-related damage is the single most common cause of additional property destruction after a hurricane, storm surge or even earthquake.
Nearly every item in your home is subject to water damage, including drywall, electrical systems, furniture, and other belongings and household items.