Flooding can be one of the most devastating natural disasters a homeowner can face. Unfortunately, there are many misconceptions about residential flood insurance, and that can lead to missed opportunities to be protected.
Below, we debunk common myths and share facts about residential flood insurance to help you make informed decisions about safeguarding your home.
Myth 1: “I don’t live in a flood zone, so I don't need flood insurance."
Fact: While it’s true that homes in designated flood zones are more likely to require flood insurance, any area can experience flooding. Heavy rainfall, rapid snowmelt, and even broken water mains can lead to flooding in areas not typically considered at risk.
Myth 2: “My homeowner’s insurance covers flood damage.”
Fact: Unfortunately, most standard homeowner’s insurance policies do not cover flood damage. To get the necessary coverage, you'll have to purchase a separate flood insurance policy, typically through the National Flood Insurance Program (NFIP) or private insurers.
Navigating the Risks of AI Integration within Your Organization
Myth 3: “Flood insurance is too expensive.”
Fact: The cost of flood insurance varies based on several factors, including your location, the elevation of your home, and the level of coverage you choose. The financial protection offered by flood insurance outweighs the expense.
Myth 4: “I’ll just buy flood insurance after a flood warning.”
Fact: There's a waiting period for flood insurance policies to take effect, typically 30 days after purchase. If you wait until a flood warning is issued, you won't be covered during that event.
Myth 5: “Flood insurance only covers water damage from natural floods.”
Fact: Not true. Flood insurance covers a broader range of water damage than many homeowners realize. While it does include damage from heavy rains and natural flooding, it also protects against water from rapid snowmelt, surface runoff, and even sewer backups in some cases.
Myth 6: “If my neighbor has flood insurance, I’m covered too.”
Fact: Just because your neighbor is insured doesn't mean you're protected. Flooding can affect properties differently, so relying on others for coverage is not a good idea.
Core insurance coverages to consider for your coastal home or retreat
Myth 7: “I can’t afford flood insurance right now.”
Fact: While budgeting for flood insurance may seem challenging, many options are available to help you afford coverage.
The Roehr Insurance team can help you explore your flood insurance options, help you navigate the complex waters of flood insurance, and ensure your peace of mind.
