Flooding insurance is one of the types of home insurance that tends to be overlooked. Many people don’t even understand why they need flooding insurance in the first place. As a matter of fact, flooding insurance is crucial if you want to make sure that your home is as safe as possible. Here are five reasons why flooding insurance is necessary to protect you from home floods.
1. 90% of the Natural Disasters in the United States Include Flooding
A whopping 90% of natural disasters in the United States have flooding as some part of the disaster. Hurricanes, monsoons, tornadoes, and earthquakes can all cause flooding in one way or another. That means if a natural disaster impacts your area, you have about a 90% chance that you’re going to deal with some amount of flooding.
2. 20% of Insurance Claims Come From Homeowners in Low to Moderate Risk Areas
You may think that just because you live in a low or moderate-risk area for flooding, that indicates you don’t really need flooding insurance. As a matter of fact, a full one in five flooding insurance claims come from these areas. “Low risk” doesn’t mean “no risk,” and even if your home is at a low risk of flooding, you can still experience a flood.
3. The Average Flood Claim in 2018 Was $42,580
Another potential argument for not getting flooding insurance is that it’s “not worth it.” In 2018, however, the average flood claim was $42,580, which is a lot of money to pay out of pocket if you end up having to pay it yourself. Plus, flood damage can quickly become even more expensive than that. Don’t make the mistake; protect yourself from flood problems with flood insurance.
4. Flood Insurance Is Not Part of Typical Home Insurance Coverage
This problem typically arises from a misunderstanding of how typical home insurance works. You may see some wording referring to “interior flooding” in your home insurance policy, which might lead you to think it covers flooding problems that impact the inside of your home. In fact, it only refers to problems that start inside your home, like overflowing bathtubs and broken pipes. If you want to protect from floods, you need extra flood insurance.
5. Homes in Every State May Be at Risk of Flooding
Just because you live in a very dry state like Arizona or because you live in a landlocked state like Kansas, that doesn’t mean you’re immune from flooding. Flooding can arise from heavy rainfall, from issues with rivers, and much more. No matter where you live, you need to take some preventative measures against flooding.
As you can see, flooding insurance really pays off. Not only can it cover flooding problems that your typical homeowner’s insurance won’t cover, but it’s also something that homes in many different locations can benefit from. Save yourself some frustration and potentially quite a lot of money and invest in flooding insurance alongside your homeowner’s insurance.