5 Reasons You Should Be Thinking about Flood Insurance Now

You might think you’re safe from flooding, but there’s always a risk that water will find its way into your home. Recent weather events are a sobering reminder of the catastrophic damage that Mother Nature can cause. As the weather warms up, now is the perfect time to re-examine your property insurance and ensure that you’re ready for whatever spring may bring.
Here are the top five reasons you should start thinking about your flood insurance coverage now.

1. Flooding happens everywhere. Floods are not contained to FEMA-designated Flood Zones; they can happen anywhere it rains. Don’t let the fact that you are not in a Flood Zone provide you with a false sense of security that can cost you thousands of dollars.
2. Your homeowners policy doesn’t fully cover flood damage. Standard homeowners policies exclude water damage from water that comes from the ground, not the sky. While your policy may cover a busted pipe, it won’t cover excessive rain or flooding. Get to know your policy to see if there are any gaps in coverage.
3. There is a waiting period of 30 days before a new policy takes effect. Like most insurance policies, there is typically a waiting period attached to a flood insurance policy. This waiting period is usually 30 days, so you should ensure you’re protected well in advance of storm season.
4. Even if you rent, you still might need flood insurance. If your landlord isn’t required to have flood insurance, there is a good chance they haven’t invested in a policy. This means that water damage to your personal belongings would most likely not be covered.
5. Flood insurance is relatively inexpensive. Most people are pleasantly surprised when they receive a flood quote. According to FEMA, the average cost of a flood insurance policy is approximately $650 per year. When you consider that just one inch of water can cause $20,000 in damage, flood insurance doesn’t just seem smart – it seems like a bargain.

Ready to get your flood insurance quote?