Learn When You Need Flood Insurance
Following the floods in Texas and now in the Carolinas, it makes you question whether you need flood insurance for your home or business. The fact is that not everyone needs to have this type of protection, but many do. Learn when you need coverage and how to find the best rates.
For both home and business owners, the insurance that you must carry under the law does not include flood insurance. However, you only need to purchase a second policy if you live in a flood risk zone. In other words, if your residence or company sits on high ground, there is no need for this type of insurance, but if it resides on lower ground or in areas prone to flooding, you definitely want coverage.
Unfortunately, millions of people find out the hard way that they should have carried flood insurance. Only after experiencing a natural disaster and having their homes or businesses damaged or destroyed do they realize they have no recourse. However, those who carry flood insurance have the chance to rebuild their personal and business lives.
Find Out if You Need Protection
A reputable insurance provider should recommend that you purchase a second policy for protection in the event of a flood if your home or business is at risk. However, if you have any concerns, ask about flood insurance. Typically, this additional policy is affordable. Without it, you could lose everything you spent your entire life working for, which is what you want to avoid at all costs.
Although flood insurance usually is optional, there are instances in which the government mandates it. For example, Congress requires any insured or federally regulated lenders to maintain flood insurance on any properties with a mortgage, as well as those located in a high-risk area for flooding.
Something important to consider is that even if your home or business does not reside in a zoned flood region, you should still talk to your insurance provider. Considering that you can purchase an additional policy for a nominal price, it is worth the investment if there is even the slightest risk.
When you look at facts about floods, you might reconsider buying a flood insurance policy.
- Following Hurricane Katrina, which devastated families throughout regions of Louisiana, Alabama, and Mississippi, the number of homeowners choosing flood insurance across the country actually dropped by 12 percent.
- In coastal areas that present a significant risk of flooding, only 20 percent of homeowners have insurance protection.
- Just 1 inch of water can cause more than $20,000 in damage to a home.
- When a flash flood hits, it can cause water to rise between 10 and 20 feet high.
- Six inches of swift-moving water is enough to knock down a full-grown adult, and only 12 inches can move an entire car.
- At 10 miles per hour, rushing water is equivalent in pressure to wind gushing at 270 miles per hour.
- For a home worth $250,000 or less, a flood will do more than that in damage.
Do not take a chance. Instead, compare providers and rates by visiting The Insurance Store USA. On our site, you can look at what different companies offer in the way of flood insurance. Then, you can select the provider and policy that best serves your needs and budget.