Storm Season Rages On: Debunking Flood Insurance Myths

Storm Season Rages On: Debunking Flood Insurance Myths

In 2018, a study published in the Environmental Research Letters stated that roughly 41 million Americans live in flood zones. Flood zones are areas with at least a 1% chance of flooding in any given year. Even with that being the case, only 27% of homeowners report having flood insurance – a record high, but still a concerning low. Since many homeowners don’t fully understand the importance of flood insurance, we are here to debunk a few common myths about it. Please continue reading to learn more.

Myth #1: Homes Outside of Flood Zones Are Safe from Flooding

Not all flooding is restricted to flood zones, such as areas in the immediate vicinity of rivers or oceans. Flooding can also be caused throughout the country by factors like snow melt, severe thunderstorms, and – of course – hurricanes. All it takes is one inch of standing water and you could face over $27,000 in repairs and restoration. So, regardless of where you live, consider the importance of having protection against flood damage.

Myth #2: Homeowners Insurance Covers Flood Damage

Some homeowners make the mistake of assuming that their homeowners insurance will cover the cost of flood damage to their property. However, that is usually not the case. A separate flood insurance policy is typically needed to pay for the cost of any necessary repairs. Your preferred insurance agency will be able to walk you through your current protection before finding the best possible fit for flood insurance.

Myth #3: Auto Insurance Covers Flood Damage to Vehicles

Comprehensive auto insurance policies may include protections for flood damage. However, not all of them do, and you shouldn’t expect your auto insurance to do the same. Even if your vehicle is damaged by flooding, it may not be covered by auto insurance alone. Be sure to check our flood insurance policies not just for your own safety and the safety of your home, but for the safety of your car as well.

Myth #4: Flood Insurance Rates Change Every Year

Unlike most other types of insurance that change rates every year, flood insurance is regulated by the National Flood Insurance Program – a division of the Federal Emergency Management Agency. There is no point in “shopping” your flood insurance rates during a new year because the premium won’t change unless your policy changes or you elevate your home.

Flooding can be more dangerous than you may realize, especially if you lack the proper protection. With storm season upon us, it’s more important than ever to ensure you’re ready for flood damage. Contact Demont Insurance Agency today to learn more about how we can supplant your current coverage with the best flood insurance for you.

Bookmark & Share

User Comments

Be the first to comment on this post below!

The above description(s) provide(s) a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.