All the experts and technology in the world still cannot predict or protect us in certain situations. Living in Florida, we certainly know about severe weather, major storms, and the damage they can bring us. Purchasing insurance definitely gives you peace of mind, but did you know that your homeowners insurance most likely does not cover flood!?! Over three-quarters of flood losses are in areas where mortgage companies do not require you to have Flood Insurance. That is a scary stat.
Did you also know that not all flood claims are created equal? Water damage is based on the source of the water if it damages your home. What happens if your pipes burst or there is water damage from an exploding toilet? Your homeowner’s insurance policy kicks in and covers that since water damage from that source isn’t included in most flood insurance packages.
A lot to consider, right?
Here are 5 Things You Need to Know About Flood Insurance
- There is a 30-day wait for flood insurance.
- Floods can happen anywhere.
- Traditional Homeowners and business owners insurance do not cover flood damage.
- All 50 states have experienced flooding or flash flooding in the last 5 years.
- Just two inches of water can cause in excess of $20,000 in flood damages.
A small number of insurance companies have recently announced standalone flood insurance policies. Before this announcement most homeowners in Florida only had the choice of buying flood insurance from the National Flood Insurance Program. The NFIP policy has several limitations that homeowners should be aware of.
Don’t Wait Until It’s Too Late
Contact us to learn more about proactive flood damage protection, the national vs. private flood insurance programs, or to receive a no hassle quote.