Debunking the Most Common Flood Insurance Protection Myths

February 8, 2022

The average annual rainfall across the American state goes as high as 63.7″. And you’re probably aware of what follows when it rains.

Floods are the most common natural catastrophe in the country. The flood insurance industry is worth $3 billion. In 2019, the average flood claim reimbursement from the National Flood Insurance Program was $52,000.

Despite this, many individuals aren’t aware of the flood insurance protection misconceptions about flood risk management.

As heavy rain continues causing flash flooding across the states, it is crucial to dispel many flood insurance misconceptions. With that in mind, here are the most common flood insurance myths and the realities you need to know.

1. Flood Insurance is Only Available to Residents Who Stay Close to Rivers or the Shore

Fact: Flood insurance is accessible in every flood-prone area of the United States, even if you reside far from a shoreline or a river. The only exceptions would be FEMA-designated “Floodways.” Also, there are specific flood zones where flooding has been formally categorized as either prohibitive or mandatory due to high flood danger.

You need to call flood insurance to check if you are in the prohibitive zone or a floodway and take necessary measures.

2. My Home Insurance Policy Includes Hurricane Coverage

Fact: A basic house insurance policy includes hurricane coverage. But hurricane insurance policy only covers windstorm losses. The insurance covers wind-driven rain and water that enters your house through the roof or windows.

But it doesn’t cover storm surges or rising water, two of the most devastating consequences of a hurricane.

You can visit Stephen Babcock Hurricane Lawyer, to learn more.

3. It’s Impossible to Purchase Flood Insurance Just Before or During a Flood

Fact: You can buy flood insurance at any time. But, don’t wait too long. This is considering that insurance generally takes 30 days to take effect. There are a few circumstances when the waiting period is reduced or eliminated.

4. Wind-Driven Rain is Taken as Flooding

Fact: although flood insurance plans don’t include hail and wind coverage, most homeowner’s policies do. Windstorm damage is defined as rain entering via wind-damaged windows, doors, holes in walls or roofs. This results in puddles or standing water.

Water that rises from the ground and penetrates your property from the outside is generally covered by federal flood insurance.

5. Only a Homeowner Can Buy the Flood Insurance

Fact: floodwaters make no segregation based on where you live. Flood insurance also doesn’t. Condo owners, landlords, and homeowners can all get flood insurance.

6. You Don’t Require Flood Insurance Since FEMA Will Protect You

Fact: implementation of FEMA and national disaster relief services only happens if the President announces the incident as a federal disaster. If there is a catastrophe declaration, assistance is provided in a low-interest disaster loan that people must return.

It’s Time to Get Flood Insurance Protection

There are many myths out there when it comes to flood insurance protection. Listed above are just a handful of the most prevalent misunderstandings that exist today. Be on the lookout and make an informed decision about taking a flood insurance policy.

Without flood insurance, a single calamity might cause thousands of dollars in damage. This may be too costly for you to reconstruct or repair.

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