As with anything else, starting from the right information on flood insurance is going to be especially helpful. Did you know that a lot of people are actually going through life with myths rather than facts? This can lead to a lot of wrong information, so the goal today is to learn the myths — and then the facts in most cases — about flood insurance. Some of them may surprise you!
Facts & Myths about Flood Insurance
Classic homeowners insurance offers flood insurance
This is a myth. Classic homeowners insurance very very rarely offers flood insurance. If it does, there are often lots of exceptions to it. You’ll always want to look at flood insurance whether you own or rent your home. It’s a separate policy that will protect you from a lot more, climate-wise, than some little exception-prone homeowner’s policy that may include some form of coverage. Protect your home, your investment and consider getting flood insurance.
I don’t need flood insurance because FEMA has my back
In most cases, FEMA is only going to be used if a state of emergency is declared. As well, there are many restrictions in place with FEMA, specifically in that there are going to be many people who are doing the exact thing you are. From long wait times to only partial payouts, you’re putting your home at risk.
FEMA is a great program, for sure, but you’ll want to protect yourself with a proper flood insurance policy to make sure you’re covered! Again, remember, FEMA isn’t meant to replace your home, your flood insurance coverage is.
I only need to buy flood insurance if I live in a flood high-risk zone
This is a myth! You can buy flood insurance for your home even if you aren’t in a zone that is prone to flooding. If you think you want to buy it, you can buy it. Just keep in mind that there is a 30-day period where you aren’t covered, so don’t wait until the last minute!
Flood insurance is too expensive and not worth the cost
This is a myth in most cases. Recovering from a flood is expensive even in the best-case scenario. Flood insurance might be an extra premium to consider, but it will save you money big-time should you ever need to put in a claim! Plus, knowing you are protected can do a lot for peace of mind.
Do the math! Get a quote and determine what it will cost every year for say 10-20 years. Then determine just the cost of replacing everything in your home and then fixing the internal structure of your home such as flooring, walls, bathroom and kitchen fixtures, cabinets, appliances and etc… now, how does that compare? It should be a no brainer.
Not sure what to do? Talk to your agent!
If you’re feeling a little uncertain about what the right approach is to take with flood insurance, don’t fear. That’s what your Paula Smith Insurance agent is here for! For the best, up-to-date information and advice, call your agent at (281) 488-8880 and set up a meeting to talk about what your policy covers and doesn’t cover. A lot of times they can give you potential traits, too, and help you see just whether or not it’s something you want to go with.
Flood insurance is one of those things that you always want to get right the first time, and before it’s too late. By talking with your agent and focusing on the concept of understanding fact from fiction, you’ll be in a good spot to make an informed decision! Let us know how we can help. Keep in mind that we can assist with all of your personal insurance needs, from homeowners, rental insurance, flood, windstorm, auto and even your summer toys such as RV, motorcycle, trailer, ATVs and more. Contact us today!