According to FEMA, floods are the most common and costly natural disaster in the U.S., causing millions of dollars in damage every year – yet only 12% of homeowners carry flood insurance. It’s critical to make sure you have the right coverage for your home, and that may include flood insurance.
Many homeowners believe their homeowners insurance policy covers flooding. However, most policies exclude flood damage. That means 8 out of 10 homeowners would face out-of-pocket expense if their home were to be damaged by flooding. The average cost to repair floor damage on a 2,500-square-foot home with 1 inch of water is $27,000. That’s much more expensive than the average cost of a flood insurance policy.
You might be thinking, “But I don’t live in a flood zone. Why do I need flood insurance?” Everywhere is a flood zone, and you don’t have to live in a high flood hazard zone to risk exposure; 20% of floods occur outside of the high hazard flood zones. In addition, rising water getting into your home during heavy rainfall could be considered flooding.
Don’t wait until you have a flood to discover if you have the proper coverage. Give us a call today to discuss this with our insurance professionals.