When hurricane season comes around every year, you’re bound to hear some intense local stories of flash flooding and thunderstorms. Therefore, now is the right time to make sure your home is protected from hurricanes.
While your homeowner’s insurance policy may cover some of the flood damage, it will not offer full protection against the investment losses. So, instead of startling yourself with an unpleasant revelation by the insurance provider that your policy doesn’t cover any or all hurricane damage, it’s best to look for appropriate coverage.
This is where flood insurance comes into play. This post explains how adequate flood insurance can protect your home during hurricane season from damages.
How Flood Insurance Can Protect Your Home Against Hurricane Damage
If you live in a FEMA-designated hurricane or flood zone, you must buy flood insurance. Here are some reasons why you must consider purchasing this coverage.
· Comprehensive Protection of Your Assets and Investments
Hurricanes top the list as the most costly natural disasters to affect our nation. The dilemma is that standard homeowner’s insurance does not offer coverage for any flooding or structural damages due to hurricanes.
Most insurance providers do not even offer coverage, even when you live in a hurricane alert zone. Therefore, it is advisable that you look for insurance that can offer flood coverage. You do not buy it as part of your basic homeowner’s insurance. Instead, you can buy flood insurance coverage separate.
This way all your assets and your home will be covered if a hurricane were to strike.
· Living Outside a Hurricane Zone Doesn’t Mean You’re Safe
While you may be living outside or on the outskirts of the hurricane zone, that does not mean you are 100% safe. Even if the hurricane does not damage your area, your home can still experience flooding as water knows no bounds. Therefore, it is crucial to get flood insurance coverage. According to FEMA, over 40 percent of flood insurance-related claims come from outside a hurricane or flooding zone every year.
· Saving Yourself from Catastrophic Losses
Flooding is the most common catastrophic activity that accompanies hurricanes. It costs the American economy billions of dollars in flooding-related damages every year. Even if you save money by opting not to buy flood insurance, if you ever face a natural disaster, the cost will be in tens of thousands, if not more.
Therefore, the cost of paying for flooding insurance is a wise decision as it will still be cheaper than the hurricane and flooding-related damage.
Do You Need Flood Insurance?
When it comes to deciding whether you really need flood insurance, ask yourself the following questions.
- Do you have enough coverage if a hurricane or its aftermath strikes your area?
- Will you be able to afford a deductible amount?
- Does your current policy cover the full replacement cost?
The answers will give you a clear picture of whether you need flood insurance and the extent of the coverage appropriate for your specific area. Ideally, everyone should have flood insurance because you never know what could happen during a hurricane or severe downpour.