5 Things to Know About Flood Insurance Before the Spring Melt

by Community Manager ‎02-10-2015 01:53 PM - edited ‎02-11-2015 01:36 PM (3,397 Views)

These five facts about flood insurance may surprise you. Read on to learn how flood insurance can be beneficial—before the weather warms and the spring melt starts.

 

Spring months mean warmer weather and the much-anticipated thawing of snow and ice. But the spring melt could be devastating to homeowners, especially those without flood insurance. Remember: Flood insurance isn’t included in your home insurance policy—it has to be bought separately. Your home insurance policy includes water-backup coverage for damage caused by water rising up from backed-up sewers, toilets, washtubs, sinks and sump pump failure. Flood insurance covers damage caused by water moving over the top of the ground and entering inside homes.

 

Below are the top five reasons why homeowners should consider purchasing flood insurance.

 

1.  Every home is in a flood zone.

According to the National Flood Insurance Program (NFIP), nearly 20 percent of all flood insurance claims are made by homeowners living in areas considered a low risk for a flood. That means regardless of whether your mortgage company required you to purchase flood insurance, your home is in a flood zone.

 

2.  No homeowners insurance policy covers flooding.

It's a common misconception that homeowners insurance covers flood damage, but the truth is only flood insurance covers flood damage. Without it, the cost of the damage comes out of your pocket.

 

3.  The federal government won’t necessarily help pay for flood damage. 

FEMA will inspect your property and determine whether or not you qualify to receive federal grant assistance. If you do not qualify, you may apply for a low-interest loan.

 

4.  Flood losses are costly. 

Most people don't realize that just a few inches of floodwater can do thousands of dollars worth of damage. In a 2,000 square foot home, two inches of water can cause as much as $21,000 or more in damage to your home and its contents.

 

5.  Preferred-risk flood policies are affordable. 

The cost of protecting your home from flood damage can be as little as $1 per day. That's less than the cost of a cup of coffee.

 

To purchase flood insurance for your home, contact your AAA Insurance Agent or visit AAA.com/Insurance.

 

Image credit: Getty Images

 

Comments
by crystalpatterso
on ‎04-24-2015 07:13 AM

I think flood insurance are available for renter as well as homeowners is you live in a designated flood zone but the company should be registered in National Flood Insurance Program.

http://isaclaims.com/

 
 
 
 
by helgajones
on ‎06-02-2015 02:16 AM

Being a homeowner you should always think about the safety of your home. You should always make sure that when calamity strikes, your home will still be safe and still in one piece. That is why it is always important to get a flood insurance for your home.

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