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Who Needs Flood Insurance? Hint: It’s You!


Who Needs Flood Insurance? Hint: It’s You!

By: Adam M. Matheny

Even Just an Inch of Water

Did you know that the most common natural disasters faced by Americans today are floods? They’re also the most costly. Floods can happen anywhere, and they can impact anyone, and often with little to no warning. So why is it that only about 15 percent of Americans carry flood insurance to protect their property? Why is it that so many risk leaving their properties vulnerable to these devastating disasters? It doesn’t take much—a mere inch of water in your home can result in thousands in damages.

For most of us, our property is the most valuable thing we own. It is without a doubt one of your highest priorities in terms of assets, and you probably go to great lengths to protect it and its value. That should include carrying flood insurance. Many traditional insurance policies do not automatically include flood related damages which can leave some homeowners high and dry when they need it most.

All About Flood Insurance

One of the best ways to protect your home in the event of a natural disaster that results in flooding is having a flood policy which is backed by the National Flood Insurance Program (NFIP). This program is administered by FEMA, and managed through private insurance companies, separate from your home owner’s insurance policy. There are varying levels of coverage available, and the best way to determine which policy best suits your needs is by consulting with an experienced insurance agent.

Why Flood Insurance is so Important—Especially Right Now

One reason it’s so important that you carry flood insurance is something you’ve probably seen on the news non-stop this year: climate change. While some of the effects of climate change are slow moving, others are already making themselves known, including excessive, unusual flooding. Rivers are overflowing, tides are surging, and of course, rain patterns are changing. It doesn’t help that US dams aren’t being repaired fast enough to compensate for their aging.

All of this adds up to more and more risk of flooding for properties, and not just those on the coast. Talk to your insurance agent today about flood insurance—it may be one of the most important things you ever do.

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