We all know the storms that clobbered the Northeast the last couple of years caused widespread damage, much of it by flooding. But it doesn’t take a hurricane like Sandy to cause flood damage to homes and businesses. Here are a few facts from the National Flood Insurance Program (NFIP):
In the past 5 years, all 50 states have experienced floods or flash floods
Most homeowners insurance does not cover flood damage.
Just a few inches of water from a flood can cause tens of thousands of dollars in damage.
Hurricanes, winter storms and snowmelt are common (but often overlooked) causes of flooding.
Nearly 20% of flood insurance claims come from moderate-to-low risk areas.
So three thoughts jump out upon reading this:
More people are at risk for flood damage than know they are!
The cost from even minor flooding can staggering!
For many, it’s likely that their homeowners insurance will not cover flood damage!
That just isn’t a good spot to be in. So, what should a homeowner do?
Get Flood Insurance
Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. Costs vary depending on how much insurance is purchased, what it covers and the property’s flood risk. Information about flood insurance is available on the internet. Continue to learn more.