There’s a lot of misinformation out there about all types of insurance and flood insurance is no exception. Flood insurance is different from most other types of insurance in many different ways and that lends itself to common misunderstandings that have a tendency to spread like floodwater. (please excuse the pun). Here are 5 of the biggest lies you’ve been told about flood insurance:
1 – Flood Insurance is for High Risk Areas
Did you know that 25% of all flood insurance claims come from buildings that are not located in a flood plain? It’s true. Flood damage can happen anywhere that rain can fall which pretty much means everywhere but the Gobi Desert.
2 – Your Homeowners Insurance Will Cover You In a Flood
False. Although all homeowners insurance policies are different, the general rule is that rising water, like that of a flood, are specifically excluded from coverage. Insurance companies exclude flood specifically because it can be so devastating over such a large area and their cash reserves might not be able to cover claims.
If the homeowners insurance companies are afraid of devastating flood losses, shouldn’t you?
3 – You Need to Live in a Flood Plain to Purchase Flood Insurance
Not true. As mentioned above, a large percent of flood damage claims occur outside of flood plains and everyone is eligible to purchase flood insurance, regardless of location.
The good news – Flood insurance is generally less expensive outside of a flood plain to account for the lower risk.
4 – It Doesn’t Matter Where I Purchase Flood Insurance
While most flood insurance policies are backed by the National Flood Insurance Program and use rates that are predetermined by the government, that doesn’t mean you should buy it from any insurance agent. Flood insurance is a very nuanced coverage that typical insurance agents don’t spend much time learning about. Here at NoBSFloodInsurance.com it’s our specialty and we know more about getting you properly insured than anyone!
If you want to make sure your most valued possession is protected from one of the most common and devastating natural disasters you could face don’t ignore flood insurance. Give us a call at 1-800-747-5311 or Click Here for a free online flood insurance quote.