Should you invest in flood insurance if your property is not in a flood zone? It’s important to evaluate the pros and cons when considering if flood insurance is worthwhile for your home or business.
The whole purpose of having any type of insurance is to financially protect yourself from the unpredictable events life may throw your way, whether it is a health complication, a fender bender, or an unexpected flood.
So just because you are not in a flood zone, it does not necessarily mean that you don’t need flood insurance.
Water rising inside your home or business can lead to expensive, multi-faceted repairs, from structural rot to compromised indoor air quality.
Homeowners may assume that their homeowner’s insurance policy automatically includes coverage for flood damage. However, a separate flood insurance policy is often required cover the cost of damages resulting from a flood.
Why Flood Insurance Coverage Makes Sense for Every Home
The Federal Emergency Management Agency (FEMA) determines and maps out the geographic areas that are at the highest risk for flooding. This is why you will likely be required to purchase a flood insurance policy if you live in the higher risk areas outlined by FEMA.
However, whether your home is located in a flood zone or not, having separate flood insurance coverage is beneficial for every homeowner.
“Whether you are in a high risk zone or not, you may need flood insurance because most homeowners insurance doesn’t cover flood damage. If you live in an area with low or moderate flood risk, you are 5 times more likely to experience flood than a fire in your home over the next 30 years. For many, a National Flood Insurance Program’s flood insurance policy could cost less than $400 per year.” – FEMA
Like any insurance policy, there are several variations to best meet your specific needs, and you could spend a countless number of hours researching policy after policy and evaluating which one best aligns with your budget and needs.
At GWK Insurance, we make it a point to educate, inform, and assist our clients. Contact us today to help you easily attain the best flood insurance policy for your needs.