4 Good Reasons Why You Need Flood Insurance

High-profile flooding throughout the country in recent years has brought an unglamorous topic into the public eye: flood insurance, and why you might need it. While a small handful of the thousands of people who have lost their homes to flooding in the last year had protection against floods, many did not. As a result, they faced the burden of rebuilding their homes without any financial assistance.

If you live in an area where flooding is possible, here’s a breakdown of why you might need protection from floods.

What is Flood Insurance?

Flood insurance is a type of insurance issued by the National Flood Insurance Program and the Federal Emergency Management Agency (FEMA). With the help of nearly 100 privately-owned insurance companies, these agencies offer insurance policies meant to protect homeowners in the event of flooding or flood-related damage to their homes and businesses.

4 Smart Reasons to Purchase Flood Insurance

If you’re considering purchasing flood insurance in your area, here are four good reasons to take the plunge:

1. The costs aren’t as high as you think

Flood insurance is well worth the investment and the costs are often lower than people expect. Rates for flood protection are fixed, and won’t vary regardless of which company you choose to work with. Keep in mind that factors like the location of your home can affect your premium. So it’s wise to check with an insurance agent to get an accurate estimate on a premium for your home.

2. Flood insurance provides ample coverage

According to Realtor.com, flood insurance policies range from $20,000 to $250,000 and will cover both the building and its foundation. You can also purchase “contents coverage,” which will insure the materials in your home. This includes your clothes, furniture, and electronics.

3. There is a 30-day wait period

If you’re interested in flood protection, purchase it when there’s no threat of disaster. On most policies, there’s a 30-day waiting period before the coverage begins. So it pays to buy a good flood protection policy before you truly need it.

4. Flood insurance offers peace of mind

Flood insurance covers many things. Possibly its most important benefit is that it provides ongoing peace of mind for you and your family. When you buy flood protection, you can rest easy knowing that the structure and, possibly, the contents of your home are protected from damage by flood. And, perhaps most importantly, that you will have the help you need to rebuild if anything disastrous does ever befall your home.

Flood Insurance Coverage: A Critical Protection for Homeowners

As floods become more and more common around the country, flood protection policies are rising in popularity. Designed to protect a home and offer peace of mind for homeowners, these smart policies are well worth the associated cost, and will serve to protect and secure a home, even in the worst weather.