Did you know that home water emergencies impact more than 14,000 people each day in the United States of America? Becoming a homeowner for the first time can feel overwhelming when you think about all of the expenses and the types of insurance coverage that you need. Flood insurance is often a vital part of the insurance picture that gets left out.
It’s tempting to cut corners and increase savings, but you need to look into your flood insurance options to make sure that you’re covered for anything. Your flood insurance plan will save you thousands of dollars if you experience a flash flood or a flooded basement.
The good news is that you’re in the perfect place to learn about the seven biggest reasons to get a flood insurance policy. Keep reading this article to learn more today!
1. Floods Are a Common Natural Disaster
The number one natural disaster that you need to look out for as a homeowner in the United States is flooding. Floods impact all fifty states, which means that just because you live in a place like Arizona doesn’t mean that you’re immune to flooding and you don’t need different types of flood insurance.
When it comes to flooding and having a flood insurance policy, it’s much better to be prepared than caught off-guard. Your savings account will thank you for taking the risks of flooding seriously.
2. Flooding Is More Likely Than Fires
If you live within a reasonable distance of a firehouse then odds are that you know how often you hear those firetrucks getting ready to respond to a nearby fire. It seems like a routine occurrence, right? Well, keep in mind that floods are more likely to damage your home than a house fire.
You’re risking tens of thousands of dollars in damage with no coverage if you don’t consider all of your flood insurance options. Your odds are much higher that you’ll experience flooding at your home during the course of a 30-year mortgage than a fire at your home.
3. Water Does a Lot of Damage
People tend to make the mistake of underestimating the level of damage that water and flooding cause when it comes to a home. All it takes is one inch of water getting into your home or your basement to cause you a world of headaches. As little as two feet of water from flooding is enough to carry an average car away.
Flooding is sure to cause some serious damage to your home, and without flood insurance, you’ll be on your own to start putting the pieces back together. You could be staring a $100,000 renovation project in the face in order to get your old home back.
That isn’t even taking flash flooding into account, which could lead to catastrophic damage in addition to dangerous conditions for yourself and your family. These rushing walls of water can reach heights of more than ten feet and could sweep your home off of its foundation. It makes the flood insurance cost seem like small potatoes in comparison.
4. Rain and Hurricanes Aren’t the Only Concern
The most common causes of flooding are often natural disasters like too much rain or a devastating hurricane making landfall. Don’t make the mistake of thinking that you’re safe because you’re not near a river or a coastline. Things like mudslides and massive amounts of snowfall can cause flooding in your home just as easily as hurricanes and rain.
You also need to look at the drainage systems around your home to make sure that they’re up to par and can handle what Mother Nature is throwing at them. Your local government might put dams and levees in place, but there are no guarantees that your home is safe should the conditions get really bad.
5. Federal Disaster Assistance Costs More Than Flood Insurance
If you try to save money by ignoring your flood insurance options then you could be stuck accepting federal disaster assistance. You’d essentially take a loan out from the government with interest for money that you can put towards rebuilding your home. You could end up paying hundreds of dollars each month to pay back the money that you borrowed.
Most types of flood insurance have monthly payments that are as low as $40 per month. It’s a much better investment to get a flood insurance plan than to rely on federal disaster assistance.
6. Flood Insurance Coverage Is Affordable
When you’re trying to save money, every penny counts. Still, it’s a wise move to get flood insurance since it is much more affordable than other types of insurance for your home. There are a number of factors that go into what you pay for flood insurance.
Different types of flood insurance play a role in what you’ll pay, as does your community rating. You could get low-risk flood insurance and pay a dozen dollars per month to get much-need protection. It seems like a no-brainer when you weigh the risk versus the reward.
An overlooked aspect of your flood insurance policy is that you get some money to put toward moving your things into storage if a flood seems imminent in your area. You can also put that money toward renting a pump as a way to try to mitigate the water damage at your home.
If you’re facing an imminent flood without a flood insurance policy then you’ll be out that money in order to protect your belongings and your home. You’re much better off exploring your flood insurance options.
Sign Up for Flood Insurance Today
There is no better time than now to look into getting flood insurance if you’re a homeowner. It doesn’t matter where you live, there is always the possibility of a flood that could cause big-time damage to your home. Explore the different types of flood insurance and find the flood insurance coverage that meets the needs of your home and family.
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