The very first thing you need to know about flood insurance from the very beginning is that you probably need one. The next thing you should know - you probably don't have it.
According to FEMA, over 98% of American households and commercial buildings already have or risk getting water damage that can compromise their safety and significantly affect their value. It means that you either probably already have some sort of costly water damage in your basement or are about to get one with the next flood season.
At the same time, most Americans remain surprisingly ignorant about their flood insurance policies or whether they have one at all. Many homeowners believe that once they have a policy for their house, water damage and any sort of other damage caused by floods, storms, and hurricanes are automatically included.
Unfortunately, it is not true, and flood insurance is a whole different kind of story that should be taken care of separately.
In this article, we shall talk about the 5 essential things every home and business owner absolutely has to know about flood insurance to enjoy its true benefits and avoid losses and misunderstandings.
1 - Anyone can get flood insurance and should do it as soon as possible.
There is a common belief that only those who live or have businesses in the most flood-prone areas or have already suffered from water damage and losses can purchase flood insurance.
First of all, floods are happening more and more often, and according to the experts` predictions, every American who lives today will face a major flooding event at least once in their lifetime. In other words, the whole world is one big flood-prone area now, and therefore flood insurance is not a privilege but a must in the modern world.
You also don't have to be the landlord or property owner to purchase flood insurance for the place where you live or work at the moment. Renters have the same right to purchase flood insurance and protect their belongings from water damage as property owners.
2 - You still need flood insurance even if it is not required
Another common misconception is that you only need to purchase flood insurance if you are required to do so by the bank, lender, etc.
Yes, most of those who purchase flood insurance today are actually required to do so to protect the investments and finance of the organization of the physical lender that provides the money. It is a common practice for properties located in flood-prone areas, regions, and states with a high risk of seasonal floods, hurricanes, storms, etc.
However, even if the lender did not state specifically that you need to purchase flood insurance, it is still better to do so since the risk of suffering water damage is still high no matter where you are located, and the policy will save you a great deal of money, time and energy in case of even the slightest leak.
3 - Flood Insurance is more affordable than you think
Unfortunately, many people don't get flood insurance assuming that it will be too much of a burden for their budget without even checking the prices for their particular type of property and location.
It is widely known that the average cost of flood insurance today is around $500 per year. However, there are lots of factors that influence the final cost of flood insurance for every property, from the size and age of the building to the materials used in the construction and, of course, the location. Eventually, the cost of flood insurance in your particular case can go as low as just $110 per year, while the coverage will save you thousands in case of flooding.
4 - Mind the time gap
Flood insurance can be purchased at any moment. But it is essential to remember that most policies have at least a 30-day time gap before it becomes active. In other words, if your house of business gets flooded a week after you have purchased the policy, it is still considered uninsured, and you won't qualify for the compensation.
Another thing to remember is that flood insurance is not bought once and for all. You have to renew it every year to remain fully covered.
5 - Flood Insurance is not the silver bullet
By purchasing flood insurance, you definitely feel more confident and save yourself a great deal of money as well as time and energy when the disaster strikes. However, the less flood damage you suffer during the flooding, the better. Therefore the fact that you have bought the policy does not mean that you don't have to protect your home or business from the floodwater.
The modern market offers lots of flood control solutions and products that will help you stay safe and minimize damage. Flood barriers are definitely the most popular ones because they are the most efficient. A flood barrier installed into any kind of door passage will seal it thoroughly, even from massive 3-foot flooding. Use a flood barrier to protect your windows from breakage and water damage during the hurricane season. Connect several flood gates with an extension pole and prevent water from getting into your basement or garage and damaging your vehicles, tools, electric appliance, water heater, etc.
Do you want to learn more about ways to protect yourself and your property from water damage and minimize losses in case of flooding?
Contact us today and follow on your favorite social media to get the latest updates about flood barriers and other modern flood control products, receive regular flood safety tips and discover new ways to stay safe and sound during the upcoming flood season.
Make sure to contact us and get your own flood barrier kit to ensure the safety and value of your house or business.
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