When it comes to protecting our homes, we sometimes get tunnel vision. Who needs flood insurance if you don’t live in an area where flooding is a major concern? The fact is, if you live in an area where it rains, your home has an increased risk of flooding. It’s up to you to decide if you want to take the chance of experiencing a heavy storm that causes water to flood your home without having the protection of a solid flood insurance policy.
Understand the Flood Insurance Gap
It’s important to understand the flood insurance gap. Not everyone lives in a flood plain. There are many homes that are located on higher ground that is elevated enough that even the strongest rains won’t have an impact on it. These are just a few of the reasons why the flood insurance gap exists. Individuals who live on lower ground and are not near any water sources may also opt out of flood insurance at their own risk. The problem occurs when a strong storm dumps more rain on an area than can be easily drained away. While the home is not in a flood plain, it can still flood due to heavy rains.
Homeowners Insurance Lacks Flood Coverage
Most homeowners insurance lacks flood coverage. However, it will cover water damage caused by burst pipes or by plumbing leaks that occur without warning. Homeowners coverage does not cover sewer backups or flooding caused by excessive rains or strong storms. If you have a homeowners policy, it’s up to you to know what it covers and what it doesn’t. If you read through your policy and still aren’t quite sure, call your insurance agent and have them explain it to you.
Invest in Your Home
Purchasing flood insurance is like investing in your home. If your home does flood, the money you receive can be used to make upgrades to your home to prevent any type of flooding in the future. Don’t take your home for granted. Even though you may not think your home is prone to flooding, it can still happen. Unfortunately, realizing that you need flood insurance after a flood event won’t help you make repairs to your home, and it won’t pay for the necessary upgrades. Purchasing flood insurance is a small investment in your home that will provide maximum benefits if and when it is ever needed.
Never Underestimate Mother Nature
It’s important to never underestimate Mother Nature. Taking the chance that it will never rain hard enough to flood your home is a risk that is easily avoided. It only takes very heavy rainfall over a short period of time to damage your home. This can cost you thousands of dollars in repairs. Without the proper flood insurance, you are risking your financial security as well as your home’s overall value. Take a few minutes and consider what the final cost would be if you did experience flood damage with no flood insurance in place. What would your recovery options be?
If you have concerns about floods and whether or not your home may be vulnerable, don’t wait to find out the hard way. If you’re shopping for homeowners insurance coverage, find quality insurance by contacting the team at Mayer Insurance today. We serve Apple Valley and neighbouring cities in Minnesota with quality coverage.