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It’s true that not all homeowners are required to have flood insurance. But a harder truth is that all homeowners (and many renters) probably should have it.
Homeowners’ insurance does not typically cover damage caused by heavy rain, rising rivers or flooding. Even if you don’t live in a flood zone – or if you live in an area with a diversion or other flood-control measures – you could be at risk. Snowmelt, rapid rain accumulation, poor drainage systems and broken water mains can all lead to flooding. In fact, more than 20% of all flood insurance claims were by people outside of high-risk flood zones, the Federal Emergency Management Agency (FEMA) reports.
The good news is flood insurance usually costs less if you don’t live in a high-risk area. When considering cost, keep in mind, FEMA says just 1 inch of water can cause $25,000 worth of damage to your home.
When considering flood insurance, here are 5 things you need to know:
Many people mistakenly think federal disaster assistance will pay for flood damages, but it’s only available after a Presidential Disaster Declaration (which does not happen for most floods) and federal disaster aid is typically a low-interest loan that must be repaid (along with any mortgages or loans you’ve already taken out for your property.)
Don’t wait to protect yourself! Remember that most flood insurance policies have a 30-day waiting period before coverage is activated. You can call our office at 800-369-2501 or request a quote online to make sure you have the coverage you need.
Bell Insurance Services, LLC is a wholly owned subsidiary of Bell Bank. Products and services offered through Bell Insurance are: Not FDIC Insured | No Bank Guarantee | May Lose Value | Not A Deposit | Not Insured by Any Federal Government Agency.