Are you on the fence about purchasing flood insurance for your home?
It’s understandable that your mind isn’t made up. Perhaps you’ve never been a victim of a flood and don’t know how extensively it can damage a property. Or you’re a new homeowner and you’re wondering why you need more insurance on top of your homeowners’ insurance coverage.
Regardless of your specific situation, we’re here to tell you that purchasing flood insurance is one of the savviest decisions you can make as a homeowner.
In this article, we’re sharing compelling reasons why you need flood insurance.
- Protect Yourself Against Financial Loss
With the median price of a home in the U.S. a staggering $250,000, buying a big financial investment.
What if you woke up one morning only to find your home damaged by floods?
If you think your homeowner’s insurance will compensate you, you’re wrong. Unless your coverage specifically covers flood damage, you’ll have no choice but to repair the property out of your own pocket.
But with adequate flood insurance, you won’t worry about any financial losses ensuing from damage by water. What’s more, flood insurance policies don’t just cover the structure of your home. They also cover your valuable assets that might be damaged when a flood strikes, such as kitchen appliances and heating and cooling systems.
- No Home Is Safe from Floods
Perhaps you’re thinking, “My home is located in a location that has never experienced a flood for 100 years. Why should I buy flood insurance when there’s no flood risk at all?”
Well, it’s true that there are plenty of low flood risk areas around the United States, but the risk is just low, not non-existent.
In fact, FEMA reports that more than 20 percent of the National Flood Insurance Program’s claims come from areas that aren’t mapped as high-risk.
Even if natural floods don’t happen in your area, your home can still experience water damage from an internal leak. Maybe you go on vacation and then a plumbing fault starts letting in water, gradually filling up your home and destroying your belongings. If you’ve flood insurance, you’ll be compensated.
As such much as you might want to know if you need it, you always focus on finding out how much of it you need. If you’re in a low-risk area, you don’t need as much coverage as a homeowner in a high-risk area.
- Flood Insurance Is Affordable
We get it:
Times are tough economically and almost everyone is trying to spend as little as possible. Flood insurance is one more expense you can’t afford, right?
Well, flood insurance is actually affordable, with annual premiums averaging $700. Break down this to a month and you have a manageable $58.
Get Flood Insurance Before the Waters Strike
It’s time to cross over the fence and purchase flood insurance. Your home is probably your biggest asset. You want to protect it as much as you can.
Flood insurance is one layer of protection you shouldn’t miss. The benefits are worth it and the peace of mind is priceless.
Keep reading our blog for more tips and insights.