StatePoint - According to the Federal Emergency Management Agency
(FEMA), floods are the most frequently occurring natural disaster in
the United States, which is why it is important to understand the
risks and costs associated with flooding, and what you can do to
protect your home.
Rampant storms and hurricanes are not the only causes of flood damage
– leaky pipes can cause just as much water damage and put a huge hole
in your wallet, too. According to FEMA, just 1 inch of water in a
home can cost more than $25,000 in damage.
What can you do to protect your home in the event of a flood? First,
make sure you have flood insurance. Some people may think they don’t
need flood insurance because of where they live. Many may also assume
that flooding is included in their homeowners insurance policy when
in fact, most homeowners policies do not cover flooding.
Why is that?
A string of flood disasters occurred throughout the ‘40s, ‘50s and
‘60s that put tremendous financial strain on private insurers, so in
response, the federal government created the National Flood Insurance
Program (NFIP) to protect homeowners, renters and businesses.
Talk to your insurance agent about getting flood insurance through
NFIP. Some companies offer additional unique options. For example,
Erie Insurance recently began offering a coverage called Extended
Water that covers damage caused from flash floods, inland flooding,
storm surges, snow melt and more. It covers the home and its
foundation, electrical and plumbing systems, air conditioning
equipment, furnaces and heaters, appliances and personal possessions,
such as clothing and furniture. It even offers coverage if you need
to temporarily relocate while your home is being repaired.
“As the frequency of flooding increases, homeowners need to
understand that flood insurance is typically not included in their
standard homeowners insurance policy, but there are options
available,” said Michelle Tennant, vice president of product
management, Erie Insurance. “Even if you don’t live in an area that
you think is flood-prone, if it rains or snows, it can flood. That’s
why it’s so important to talk to your agent about your home and your
neighborhood, to make sure you have the coverage that’s right for you.”
To learn more about flood insurance, contact your agent.
As flooding becomes more frequent, make sure that you have the
insurance you need to protect your home and belongings.
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