One question I’ve been asked many times by clients is “do I need flood insurance?” The simple answer is “Yes!” Everyone needs flood insurance. I find that most clients usually mean “am I required to have flood insurance?” You can find that answer here. https://msc.fema.gov/portal/home
So let’s get back to the main question here. Do I need flood insurance? And again, my answer is yes. Why? If I’m not required and I don’t live in a flood zone, why do I need it? Many people are unaware that your homeowner’s insurance does not cover a flood. Commit that to memory. Only flood covers flood. Now if you come home and your upstairs bathroom is flooded because of a cracked pipe, that’s different. We are talking about a true, natural disaster, water out of the riverbanks flood. So let’s talk a little bit about flood insurance.
Flood insurance is federally administered. No matter what company it’s with, premiums will never differ for the same coverages. Premiums are regulated by the government, not the insurance company. Flood is not as expensive as you think. People make it out like flood is sky high and it can be. But if you’re not in a flood zone, it’s fairly inexpensive, and definitely less expensive than replacing your entire house and its belongings if there is a flood.
What if I’m not near a water source? I’m not flood prone right? Not necessarily. Excessive rain or snow can also be a cause of a flood in your home. And that’s not covered by homeowner’s insurance. I will never forget the devastation that Hurricane Harvey left on Houston, TX and the surrounding areas. I had multiple acquaintances taking to social media to share that their home, although much inland from the Gulf of Mexico, had flooded thanks to Hurricane Harvey’s excessive rain. When they contacted their home insurance, they were all told the same thing. You don’t have coverage for flooding. They weren’t near a water source or in a flood zone and yet they needed flood insurance. I remember a friend taking to her Facebook page and pleading with anyone reading her post to purchase flood insurance and sharing her experience with her home flooding and not having coverage for the damage that this monster storm has caused her and her neighbors.
You can also look back to the flood in May of 2010 here in middle Tennessee. Between May 1 and 2, 13.57 inches of rain fell into parts of middle Tennessee. According to the Tennessean, nearly 11,000 properties were damaged or destroyed and 10,000 were displaced from their homes. More than $2 billion worth of damage was done to private and public property, closing hundreds of businesses and terminating thousands of jobs. As far as the damage done to homes and property, not everyone who experienced flooding those two days were in a flood zone or even near a water source. Many of them may have even been told that they didn’t need flood insurance, since it’s nothing something that was required.
A few more facts about flood insurance
According to Trusted Choice, FEMA estimates that as little as two inches of flood water can cause up to $10,000 of damage in a 1,000 square foot home. Think about the things that sit on your floor in your house: appliances, furniture, even the flooring materials. Those expenses add up quickly.
Do you need flood insurance? Absolutely. Everyone does because no other policy that you may already have in force will cover the damage left behind by a flood. If you’re interested in a flood insurance quote, you can call our office or contact us through our website. We will be happy to provide you with a free quote.