While many may believe that floods are unlikely to affect their homes and neighborhoods, 98% of counties have been impacted by a flood event, and 20% of these floods take place in areas that are reportedly low to mid-risk. Yet, despite this statistic, only 15% of homeowners are covered against flood damage. Here are the four most important things to know to protect yourself and your property.
1 - Flood damage is not covered under homeowners insurance
Around half of homeowners believe that flood damage is covered under the typical homeowners insurance policy. Unfortunately, this is not the case. In order to prevent putting yourself at risk, you have to purchase a flood insurance policy separate from the insurance policy that you already have.
2 - You may be required to get flood insurance
Considering that 20% of flood damage occurs in low to mid-risk areas, purchasing flood insurance is a good idea regardless of where you reside, but it is absolutely essential to have a flood insurance policy if you live in an area that FEMA deems high-risk. For more information about this, check out our article on high-risk flood zones in Massachusetts.
3 - Typical flood damage is costly
Following a flooding event, the average claimed filed by a flood insurance holder averages around $30,000. In fact, even just a single inch of flooding can cost a homeowner or business owner over $20,000.
4 - You shouldn’t wait
Even if you’re convinced that you should buy flood insurance, it’s easy to feel like it’s something you can put off without worry. However, it’s important to note that most policies take 30 days to go into effect, so waiting until the last minute can end up costing you.