Hello!
It’s your friendly Farmers Insurance guy, Jeff Champ, swinging by your screen today with some insights into a question that many homeowners ask: “Flood Insurance, do I really need it?” I know, it sounds like something that’s reserved for those living by the coast or near large rivers, but you might be surprised by what we uncover today. Let’s dive in, shall we?
Floods – More Common Than You Think
First things first, floods are the most common natural disaster in the United States. And, they don’t just happen near the ocean. Heavy rainfall, rapid snowmelt, even a broken municipal water main can result in flooding. And here’s a fun fact that’s not so fun: A significant chunk of flood insurance claims actually comes from areas not traditionally considered “high risk.”
But, My Homeowner’s Policy Has Got Me Covered, Right?
Here’s where many get tripped up. Most standard homeowner’s insurance policies don’t cover damage from floods. So, if you’re banking on that to bail you out in the event of water damage from external flooding, you might find yourself in deep waters, financially speaking.
How Do I Know If I Need It?
Well, there are a few angles to consider:
- Location: If you’re in a designated flood zone, it’s often mandatory to have flood insurance. But as we discussed, even if you’re outside those areas, flooding can still occur.
- Mortgage: Many lenders require flood insurance as part of the agreement if your property lies in a flood-prone zone.
- Peace of Mind: For many, knowing they’re covered, come rain or high water, brings invaluable peace of mind.
Navigating Your Choices
Flood insurance policies can differ based on your location, property value, and chosen coverage. Premiums might vary, but when you weigh that against potential out-of-pocket expenses from flood damage, it often makes sense to at least consider it.
If the waters of decision-making are feeling a bit murky, don’t fret. Reach out, and we’ll chat about whether flood insurance is right for your unique situation.
Remember, it’s not just about protecting a building; it’s about safeguarding the memories and treasures within.
Peace of mind, every time,
Jeff Champ, your go-to Farmers Insurance Agent.
