Should a Homeowner Carry Flood Insurance?

Published | Written by Parbatie Galvan

As a homeowner, protecting your property is likely one of your top priorities. While many homeowners may assume that they do not need flood insurance if they are not located in a designated flood zone, this is not always the case. In fact, flooding can happen anywhere and at any time, and it is important to have proper insurance coverage to protect your investment.

Here are some reasons why homeowners should carry flood insuranceeven if they are not in a flood zone:

Floods can happen anywhere
While some areas are more prone to flooding than others, floods can occur in any location. Flooding can be caused by heavy rain, melting snow, hurricanes, or other natural disasters. Even if you live in an area that has never flooded before, there is always a chance that it could happen in the future.

Homeowner’s insurance does not cover flood damage
Many homeowners assume that their homeowner’s insurance policy will cover flood damage, but this is not the case. Homeowner’s insurance typically only covers damage caused by specific types of events, such as fire, wind, or theft. Flood damage is typically not covered by a standard homeowner’s insurance policy.

Flood damage can be costly
Flood damage can be incredibly costly to repair. Even just a few inches of water can cause significant damage to flooring, walls, furniture, and other personal belongings. In some cases, flood damage can even render a home uninhabitable, requiring extensive repairs or even a complete rebuild.

Federal disaster assistance may not be enough
In the event of a major flood, the federal government may offer disaster assistance to affected homeowners. However, this assistance is typically limited and may not cover all of the costs associated with flood damage. Additionally, federal disaster assistance is only available in the event of a declared disaster, which may not happen for smaller-scale floods.

Flood insurance is affordable
Despite the potential costs associated with flood damage, flood insurance is often affordable for homeowners. The cost of flood insurance varies depending on a variety of factors, including the location of the home, the level of risk for flooding, and the amount of coverage needed. In many cases, the cost of flood insurance is well worth the peace of mind it provides.

In conclusion, homeowners should carry flood insurance even if they are not in a designated flood zone. Flooding can happen anywhere and at any time, and the costs associated with flood damage can be significant. Homeowner’s insurance typically does not cover flood damage, and federal disaster assistance may not be enough to cover all of the costs. By carrying flood insurance, homeowners can protect their investment and ensure that they are prepared for the unexpected.

Want to know what flood plain your home is in? Find out HERE

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