Depending on the region of the country that you live in, you could be at regular and serious risk to flood damage to your home or business. Flood insurance makes sure that you are prepared for this scenario.
What Is Flood Insurance?
Basic homeowners insurance or business insurance will cover damage in a lot of situations, including natural disasters. However, the majority of these policies do not account for flood damage. As a result, many insurance providers offer supplemental, optional policies to account for any damage to property or assets that happen in the wake of a flood.
One major difference between flood insurance and other types of insurance is that the rates for flood insurance are established by the federal government. From this, different companies can put together quotes based on the risk of floods in your area. The good news is that this means you don’t have to do a lot of shopping around if price is a concern. However, since flood damage can have a lot of immediate and prolonged effects on your property, you want to make sure you purchase a policy from a company that has the expertise to give you an accurate quote.
Why Do You Need Flood Insurance?
Even the slightest bit of water damage can lead to a lot of issues for your home or place of business. Not only do you have to potentially replace furniture and even walls due to excessive staining, there is also a large potential risk of mold, which could threaten the health of anyone who uses your space. Fixing this can incur quite a cost, so anyone in a flood-prone area should take a lot of time to consider getting flood insurance of their own.
In some cases, making sure that you invest in flood insurance is obvious, like if you are located near the coast or a body of water, or are in an area known to get heavy rain or hurricanes. However, there are other situations where you may need flood coverage. For example, people in colder climates may have to deal with ground freezing when snow begins to build up. When it thaws, the melted snow can oversaturate the ground, which could potentially flood a basement. Similar things can happen if you live near a body of water that freezes over the winter, then breaks into ice chunks when it begins to thaw. Even in areas affected by fires, a lack of plants can lead to flooding during later periods of rain.
Note that even if you don’t live in an area where there’s a history of flood issues, that you keep an eye on conditions. As landscapes and weather patterns change around the country, there’s a potential chance that areas that historically have little flooding could see it more and more often.
If you are looking to understand more about flood insurance and what your best options are, be sure to consult with your local insurance company right away. The professionals there can help guide you to the best policy for your circumstances.
