Why is Flood Insurance Important for Every Homeowner?
If you own your own home, then you know the importance of homeowners insurance, but what if your home isn’t properly insured against one of the most dangerous threats you are likely to face?
Flooding is likelier to happen to your home than you think. In fact, researchers in 2020 determined that a staggering 15 million homes are at risk of flooding in America. And due to things like climate change, that number has only grown in recent years.
But you can protect yourself, your home, and your family with flood insurance. And if you’re still on the fence, here are some of the main reasons why flood insurance is important for every single homeowner.
Will My Existing Home Insurance Protect Against Flooding?
Chances are that you already protect your home with solid homeowner’s insurance. Such insurance can protect your home from things like theft and fire, and you may think it will protect you from many natural disasters as well.
Sadly, though, most homeowners’ insurance policies do not offer any protection against flooding. So while your existing policy might replace your entire home if it burns down, it may do nothing at all in the event of catastrophic flooding.
And even if the flooding is relatively minor, it doesn’t take much water in your home to completely ruin walls, floors, furniture, electronics, and clothing. But with the right insurance, you can protect your property against the threat of future floods.
Flooding Can Happen at Any Time
What do you think is the main reason homeowners don’t get flood insurance? Simple: They imagine that their own house isn’t very likely to flood.
However, if you live inside of a high-risk flood area, then the government estimates that your home has a 25% chance of flooding within a 30-year mortgage.
Additionally, most homeowners assume that flooding is likely to happen because of the weather. And while that is a major risk (more on that later), countless floods are caused each year when water mains break down, when drainage systems fail, when construction workers make a mistake, and so on.
Ultimately, a flood can happen almost anywhere at any time. But good flood insurance can make sure you are prepared when it happens.
It’s Not Enough to Be Outside of a High-Risk Flood Area
Earlier, we mentioned the dangers of living in a high-risk flood area. And if you live outside of such an area, then you might think you don’t need the protections that come from flood insurance.
But when we go by the numbers, a simple truth emerges: More homeowners are in danger of flooding than they realize. In fact, between 2014 and 2018, the government discovered that 40% of National Flood Insurance Program flood insurance claims came from homeowners who lived outside of high-risk flood areas.
One possible reason for this is the unpredictable nature of climate change. Recent research has discovered that climate change is turning “record-breaking floods” into “the new normal” for homeowners around the world. You never know when your own home could be affected by an unexpected flood, so it’s important to get flood insurance and be properly protected.
Flood Insurance is Surprisingly Affordable
Another reason that some homeowners hesitate to get flood insurance is that they worry about the cost. After all, your mortgage is expensive enough, and you have many other major expenditures.
Once you look into it, though, you may find that flood insurance is surprisingly affordable. In fact, those who live within the Special Flood Hazard Area defined by FEMA, pay, on average, just shy of $1,100 annually for their flood insurance. And homeowners who live outside of that special flood area pay less than $500 for coverage.
At first, the idea of paying an extra $500 per year may sound like an unwanted extra expense. But this is a very small price to pay to protect your expensive home. And considering how much home values have risen in recent years, flood insurance is also a great way to protect your investment.
Get Genuine Peace of Mind with Flood Insurance
As a homeowner, one of your biggest fears is likely the fear of the unknown. We simply never know what could happen next, which is why we take steps to protect ourselves from the unknown future. We buy sturdy locks, antitheft systems, and security measures even in the safest neighborhoods because we understand a basic truth: Unexpected tragedy can strike even the safest areas, and the best way we can protect ourselves from future tragedies is better preparation in the here and now.
In that sense, the real benefit of flood insurance doesn’t come from signing paperwork or paying a monthly premium. Instead, the real benefit of flood insurance is that it buys you peace of mind, which is nothing short of invaluable.
A flood can affect your home at a moment’s notice. And paying for the damage can affect your family in many different ways. Your children could easily lose a college fund, for instance. And your stay-at-home spouse may suddenly have to take on a job just to help pay for everything.
In other words, a flood can change your entire life. But with the protection of flood insurance, you’ll have the peace of mind of knowing you can get your life back on track right away and go back to planning a better future for your family.
Get the Best Affordable Flood Insurance Today
Now you know why flood insurance is so important for every homeowner. But do you know where to get coverage that is both thorough and affordable?
At InsureOne, we are always ready for you to get a quote online. Alternatively, you can pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our convenient nearby offices at your earliest convenience!