Understanding Flood Insurance: Why Every Homeowner Should Be Prepared
Floods can strike anywhere in the United States, as evidenced by FEMA’s data showing flood claims occurring in every state, with an average claim cost exceeding $31,000. It’s a common misconception that only properties situated near streams, rivers, or bodies of water are at risk.
The reality is that heavy rainfall can overwhelm drainage systems, water runoff from hillsides can infiltrate basements, and even levees can fail. Essentially, any area where rain falls is susceptible to flooding, regardless of its proximity to water. It is important to note that flood insurance is not typically included in standard homeowners insurance policies.
In the unfortunate event that you experience a flood and have flood insurance, there are several important considerations to keep in mind.
1) Report your claim as soon as possible and maintain open and frequent communication with your insurance adjuster.
Prompt reporting ensures that the claims process can begin promptly, allowing you to receive the necessary assistance. Additionally, it is crucial to document the damages by photographing the affected areas. If you have “before” pictures saved on a cloud platform rather than solely on a computer hard drive, it can provide additional evidence of the pre-flood condition. It is worth noting that your insurance company will likely conduct their own assessment and document the damages as well.
2) Creating a comprehensive list of all the items you lost in the flood is another important step.
Including receipts, if available, can substantiate the value of the lost belongings. These records will greatly assist in the claims process and help ensure a fair settlement.
3) It is also advisable to review your flood insurance policy to fully understand your rights and the extent of your coverage.
Being familiar with the terms and conditions of your policy will enable you to make informed decisions during the claims process.
If you are considering purchasing flood insurance, we are here to assist you. Contrary to popular belief, flood insurance does not have to be exorbitantly expensive. If your property is located in a floodplain or near a body of water, the premiums may be higher due to the increased risk.
However, if you reside in an area less prone to flooding, the cost of coverage can be much more reasonable. Considering the potential financial impact of a flood claim, it is prudent to assess your risk and explore your options for obtaining flood insurance.
If flood insurance has been on your mind recently, we encourage you to reach out to us. Our knowledgeable team can provide guidance and help you navigate the process of securing appropriate coverage.
Protecting your property and possessions from the devastating effects of a flood is a responsible decision, and we are here to support you in making the best choices for your insurance needs. Don’t hesitate to give us a call and discuss your flood insurance options.
