Flood Insurance

Is Flood Insurance A Worthy Investment?

Flooding is the most common natural disaster in the United States. There are several causes of flooding. That includes rainstorms, snowmelt, dams or levees breaking, changes with how water flows above and below the ground and so much more. With all those causes, you cannot fully tell that your home is safe from potential flooding. Many people are asking, “Is flood insurance a worthy investment?”. Here, we will answer this question. 

Most standard homeowner’s insurance covers only water damage that happened accidentally. For instance, a branch of a tree fell on your roof during a rainstorm and poked a hole, causing rainwater to penetrate in the inside of your home and the water damaging your ceiling and wall. But if water first touched to the ground and entered your home, that is not covered by your homeowner’s insurance policy. Only flood insurance will pay for all the damage.

To explain it better, the National Flood Insurance Program defined flood as;

“A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from an overflow of inland or tidal waters, from unusual and rapid accumulation or runoff of surface waters from any source, or from mudflow.”

Flooding can be a very devastating event both emotionally and financially. Without flood insurance, you will be facing a big amount of bills for repairs and recovery. But, with flood insurance, you can recover faster and completely without having to worry about paying a huge bill. Thus, getting insurance is the best way to cover yourself and your home from this devastating event.

Is It A Worthy Investment?

If you live in an area determined by Federal Emergency Management Agency (FEMA) as a “special flood hazard area” and if you have a mortgage in your home, you will be required to get flood insurance.

But, if you are living in an area not prone to flooding, you have an option of whether to buy it or not. Deciding to buy flood insurance can be a difficult decision to make. But, let us help you understand better why purchasing flood insurance is a worthy investment. 

Everyone Can Be At Risk Of Potential Flooding

According to FEMA, a quarter of all flood claims originated from the areas outside of a flood zone, not including those homes that are not insured and didn’t file a claim. Flooding can occur anywhere it rains and in some cases, the areas where flood is rare tends to be more destructive. That simply tells that floods can happen even to medium and low flood risk areas. 

Flood Map Location Changes

The home that was in a low flood risk area 2 decades ago might be now located in a high-risk flood zone. Almost half of the total number of states have coastal zones and might also change shortly.  

Flood Insurance In A Low-Risk Area Is Affordable

If you live in an area with low flood risk, flood insurance costs lesser than in those high-risk flood zone areas, making it a worthy investment. 

How much will the cost be? The rates will all depend on the value of your home and your proximity to the coastal zone. But, the average cost of flood insurance is around $660 annually.

Flood damage Is Destructive and Costly

It only takes a few inches of water to cause devastating damage to your home. In the United States, flooding can cause billions of dollars in damage annually. According to FEMA, an inch of flooding inside your home can cost you around $25,000 in damages. 

With that said, having no flood insurance will make you cover all the expenses for renovations and repairs of your entire home.

Get Coverage Today

With all the stories of destructive thunderstorms and flash flooding, insuring your home from flood damage can give you peace of mind. A homeowner’s insurance is a smart investment, but knowing that floods can happen to anyone and anywhere, flood insurance is a worthy investment. Just like any type of water damage in your home, flood damage can be very catastrophic. While living in a low flood risk area now is cheaper, it is best to buy flood insurance immediately. Talk to your insurance agent to understand better how much coverage you need to purchase, what will and will not be covered, what are the additional fees and so on. 

Dealing with Flood Damage Due to Severe Weather?

Let Superior Restoration help you with this issue. Cleaning up and restoring your home after a flood can be very stressful. Plus, floodwater contains contaminants that are harmful to people when exposed, and the immediate growth of mold when water damage is not treated quickly. Superior Restoration is equipped with advanced equipment and skill to fully mitigate your flood-damaged home.