Flood insurance is a separate type of policy that should be purchased by anyone living in a high-risk flood area because most, if not all, standard home insurance policies don’t cover two things: earthquakes and floods. And for people who live in high to moderate flood risk areas, there is a 26% chance that your home will experience some flood damage in the thirty-year period that you hold your mortgage. Even a few inches of water running through your home can cause massive damage.
Even a few inches of water running through your home can cause massive damage. Think about it. Flood water is going to contain sewage, pollution and chemical wastes like oil and gas and is now in your living room, kitchen, bathroom and bedroom seeping into your carpets and walls leaving a lasting footprint. Even in the best of cases your carpets and floors will have to be ripped out and replaced and if your walls were damaged you will probably have to tear off the drywall, insulation and baseboards and replace them as well to protect against mold and rot .
Can you afford to replace the contents of your home and do the massive repairs that will be necessary to make your home livable and marketable again without the help of insurance? If we learned anything from Hurricane Katrina it is that home repairs are extensive and expensive and that most of the houses that were hit by Hurricane Katrina are still damaged and abandoned all these years later, as the former owners were unable to make the repairs. costly repairs to make homes safe. .
Even if you feel safe from flooding because you live in an area that is not considered a flood zone, you should be aware that floods can occur anywhere and at any time. All states are at risk of flooding. Floods can start from more than hurricanes or rivers rising over banks. Winter storms, melting snow, and even new construction alter the patterns of water runoff in an area, causing flooding where it is least expected to occur.
The cost of flood insurance varies based on a variety of variables, including the age of the building to be insured, the number of floors, the occupancy of the building, the location of the building’s contents, and where it is located in a flood zone. Other factors that affect premiums include how much coverage you want and want to cover the building or the building’s contents, or both.
Talk to your agent about flood insurance before you need it because when you really need it and don’t have it, it will be too late.
