Debunking 5 Common Flood Insurance Myths

Floods can happen anywhere it rains, and it only takes a few inches of water to cause expensive damage to your home and belongings.

1	MYTH: MY HOMEOWNER’S POLICY WILL COVER DAMAGE CAUSED BY FLOOD. TRUTH: Flood is not covered under standard homeowners insurance policies.

2	MYTH: I CAN’T AFFORD FLOOD COVERAGE. TRUTH: Flood insurance costs as little as $129 a year – that’s less than 35 cents per day. The average flood costs a consumer $55,000.

3	MYTH: I DON’T NEED FLOOD INSURANCE, MY NEIGHBORHOOD NEVER FLOODS. TRUTH: 20% of all floods occur in low-to-moderate risk neighborhoods (Neighborhoods that probably never flooded before). Just an inch of water that enters your home can cost you thousands of dollars in damage.

4	MYTH: I CAN PURCHASE FLOOD INSURANCE WHEN I NEED IT. TRUTH: It takes 30 days for a flood insurance policy to take effect. Because you cannot predict floods 30 days in advance, it’s important to carry flood insurance year round.

5	MYTH: THE GOVERNMENT WILL PAY FOR ANY FEDERAL FLOODING DISASTERS. TRUTH: The government will not pay for losses not covered by a flood policy. Floods and flash floods happen in all 50 states. Since 1978, the National Flood Insurance Program has paid over $36 billion for flood insurance claims and related costs. Don’t be a victim. Republished from Goosehead.

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