There’s a simple truth about flood insurance that goes something like this: most homeowners only want it when they need it, and by then, it’s too late. Only 12 percent of U.S. homeowners have flood insurance; a statistic that mirrors coverage here in the Carolinas.
There is a lot of misinformation about flood insurance, from who should purchase it, to what it covers and how much it costs.
Here are the facts on flood:
- Flood damage is not covered by a typical homeowner’s policy.
- You are only required to purchase flood coverage if your home is located in a high-risk area and you have a federally backed mortgage.
- Should you purchase flood insurance if you do not live in a high-risk area? Yes. Sentinel recommends flood coverage to all our clients.
- Flood insurance can cover your home, personal belongings, or both. That’s up to you and your risk manager.
- There are a few things that are not covered by flood, including: vehicles, currency and paper money, mold that is the result of poor home maintenance, and outdoor property such as pools, hot tubs, etc.
- Flood coverage is priced to sell, and that is intentional. Premiums range from around $250-$500 per year. That’s cost effective, considering that just one inch of standing water in your home is likely to result in $20,000 or more in repair costs.
For more information on the federal flood insurance program, click here: https://www.fema.gov/national-flood-insurance-program
For questions about flood coverage for your home, and to get a free quote, contact Mary Kunkle at 336.842.4804, firstname.lastname@example.org