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:
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More people are at risk for flood damage than know they are!
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The cost from even minor flooding can staggering!
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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.
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