Do I Need Flood Insurance Even if I Do Not Live Near a Large Body of Water?
Posted March 02, 2021 in Flood Insurance
3 Minute Read:
Although homeowners who live near a body of water, such as a lake, ocean, or river, are at a higher risk of experiencing a flood, there is also a risk of flooding to those who do not live near water.
It’s a misconception that if you live away from the water, there is no need for flood insurance. According to the Federal Emergency Management Authority (FEMA), one-third of homes that flood are not located near a body of water. Floods can occur for many reasons, from weather-related causes (such as heavy rain) to quickly melting snow or a dam or levee breaking.
This presents a valid reason why flood insurance is a good idea for any homeowner.
Is Flood Insurance Included With My Traditional Homeowners Insurance?
Homeowners may mistakenly believe that their homeowner’s policy automatically includes flood insurance. That can be a costly misconception.
Many traditional homeowner’s insurance policies do not include flood insurance. This means that if you do not purchase flood insurance separately, you may not be covered for flood damage, and this can leave you with a hefty bill.
All it takes is an appliance malfunction, heavy rain, snow, or an overflow from a dam to wreak havoc on your home. Since your home is your biggest investment, it is wise to take the necessary steps to ensure it is protected from the threat of floods.
What Are the Major Benefits of Flood Insurance?
There are several benefits to purchasing flood insurance. The obvious benefit is the protection of your home. As little as one inch of water can cause thousands of dollars worth of damage to your property. However, there are other benefits that you may not immediately realize.
Protection of Your Family
While it is likely that you and your family will receive aid from federal and local organizations in the event of a flood (caused by a natural disaster), your insurance company will be there to help you also. When you are affected by a natural disaster, such as a flood, it can turn your life upside down.
If you have flood insurance, it will lessen the burden and help you recover.
Improve Your Home Value
Even if you don’t live in a flood zone, it is wise to purchase flood insurance. By doing so, you show that you take pride in your property and want to protect it. This could encourage neighbors to purchase flood insurance to ensure the safety of their property and loved ones.
When you decide the time is right to purchase flood insurance, contact the specialists at Gallant Risk & Insurance Services, Inc., to discuss your insurance options. It is our goal to assist you in making informed decisions for maximum flood protection.