Flood Insurance: Why It’s Important and How to Get Coverage

Floods are one of the most common natural disasters in the United States, and they can cause significant damage to your home and personal belongings. Unfortunately, many homeowners don’t realize that their standard homeowner’s insurance policy does not cover flood damage. That’s why it’s important to consider purchasing a separate flood insurance policy. In this blog post, we’ll explain why flood insurance is important and how you can get coverage.

Why Is Flood Insurance Important?

Floods can happen anywhere, not just in high-risk areas. In fact, nearly 25% of all flood insurance claims come from low-to-moderate-risk areas. And with the frequency of severe weather events on the rise due to climate change, it’s more important than ever to have flood insurance.

Without flood insurance, you could be responsible for paying out-of-pocket for the cost of repairs and replacing your damaged belongings. This can be financially devastating, especially if you don’t have savings or other resources to cover the expenses.

How to Get Flood Insurance Coverage?

Flood insurance is available through the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). You can purchase a policy directly from an insurance agent who participates in the NFIP.

To determine if you’re eligible for NFIP coverage, you can use FEMA’s online Flood Map Service Center. This will help you determine the flood risk for your property and whether you’re required to have flood insurance.

It’s important to note that there is typically a 30-day waiting period before your flood insurance coverage takes effect. So, it’s a good idea to purchase your policy well in advance of any potential flooding events.

In addition to NFIP coverage, some private insurers also offer flood insurance policies.

Conclusion

Floods can happen anywhere, at any time. And without flood insurance, you could be left with significant financial losses. If you’re a homeowner or renter, it’s important to consider purchasing a flood insurance policy to protect your property and belongings. At Palacio Miller Agency, we can help you find the right flood insurance coverage for your needs and budget. Contact us today to learn more.