The Cost of Flooding: Why You Can’t Afford to Skip Flood Insurance

Floods are a constant and potentially devastating threat. These natural disasters can arise from various conditions and with minimal warning. Furthermore, even a slight amount of floodwater can inflict extensive damage. This harsh reality necessitates appropriate preparedness, including understanding and securing suitable insurance.

What Is Flood Insurance?

These policies include a specialized form of property coverage that may be valuable for homeowners, renters and businesses. Flood insurance is often available through the Federal Emergency Management Agency (FEMA) and the National Flood Insurance Program (NFIP). Additionally, private insurers may offer policies in some areas.

Why Do I Need Coverage?

Flood insurance can plug a problematic gap in many parties’ coverage portfolios. These natural disasters are explicitly excluded from many standard homeowners, renters and commercial property insurance policies. Without a flood insurance policy, losses and damages caused by rising water would need to be paid out of pocket.

Additionally, certain property owners may be subject to official mandates regarding this type of coverage. For example, homeowners in high-risk flood areas are required to have flood insurance if their mortgage is federally supported. Additionally, those who have received FEMA aid for floods in the past would be ineligible to receive benefits again if they’re uninsured.

What Can Policies Cover?

Securing flood insurance can retain potential aid for many flood-related losses and expenses, often including the following:

• Building repairs, such as if a home or business’s structural elements (e.g., foundations, walls and attached fixtures) are damaged by floodwaters

• Personal property losses, such as if an insured structure’s contents (e.g., furniture and electronics) are swept away by floods

• Cleanup costs, such as if these disasters leave behind contaminated materials or debris that require hiring professional assistance

We’re Here to Help

Contact RM Bush and Company in Savannah, Georgia, today to learn more about flood insurance and get a free quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.