Even if you don’t live near water, your home could still succumb to a flood. Home insurance generally does not cover damages caused by groundwater, which could leave you swimming in the high cost of clean-up and restoration. With flood insurance from Strobel Insurance, you can keep your finances afloat when flooding takes its toll on your home and personal property.
Flood Damage is Costly
If you asked someone what the most detrimental natural disaster is in terms of average annual cost, they would be wrong if they said anything other than flooding. In fact, flood damage is so expensive to remedy, private insurers exclude it from coverage under primary home insurance policies. In fact, if you want to protect your house and belongings against rising floodwaters, you need to purchase a separate, stand-alone insurance policy instead.
A flood that brings just 2 inches of water into your home might not seem that threatening, but it could cost you far more than if a tree had fallen through your roof instead. In fact, you could be looking at tens of thousands of dollars in clean-up and repair costs for a ‘minor’ flood and far more if your house is submerged under several feet of water. Few things are salvageable when water fills your home. Furniture and curtains are ruined, appliances need to be replaced, mold and mildew set into the walls, and flooring is destroyed – all leaving you with a big bill that could quickly drain your nest egg.
The Federal Emergency Management Agency (FEMA) provides a map from which you can search for the flood zones in your community. As beneficial as this can be, it is also worth noting that houses outside of high-risk areas are still at risk of flooding. In fact, more than 1 in 5 flood insurance claims are filed by policy-holders who live outside high-risk designations. That should be enough to give you pause when considering your flood risks. If property owners in low and moderate-risk areas are filing flood insurance claims, you could be next.
While floods are often caused by lakes and rivers that overflow their banks, you do not have to live near water to be a victim. In fact, many floods are caused by things like soil erosion and topographical changes that affect the flow and accumulation of water within a community. Whether due to heavy rains or the spring thaw, all that water has to have somewhere to go. That means an area that has never flooded before could suddenly see water accrual, taking property owners by surprise. Be prepared in case your house is next.
What is the National Flood Insurance Program (NFIP)?
Most flood insurance is purchased through the NFIP, which is a government-backed program that provides coverage against flood damages for homeowners, business owners, and renters. You can only purchase NFIP coverage through a licensed agent, and you must live in a community that participates in the program.
Types of NFIP Flood Coverage
Flood insurance is available for two types of damages – structural and personal property. The first is designed to protect property owners against damages to the structures of their homes and businesses. It can help cover the cleanup and costs associated with construction repair and restoration. The second – personal property – is coverage for your belongings. This protection is designed for everyone, including renters. It helps compensate you for the loss of personal possessions like your furniture and electronics.
For residential properties, the NFIP can provide up to $250,000 in structural coverage and as much as $100,000 in protection for personal belongings. Non-residential property owners can insure commercial structures and property for up to $500,000 each.
Supplemental Flood Protection
In addition to primary coverage through the National Flood Insurance Program, it may also be possible to further protect your property with supplemental insurance on the private market. This coverage provides additional compensation beyond the limits available from the NFIP. While not for everyone, supplemental flood insurance can provide financial security for property owners with high-value structures and possessions that may not be fully covered by NFIP insurance alone. Talk to an agent here at Strobel Insurance for more information.
Do You Need Flood Insurance?
You never know when disaster could strike, leaving you with an expensive bill and a house full of standing water. Your homeowners insurance is unlikely to provide any protection, and FEMA grants are only available during federal disasters. Even then, disaster grants are limited in value and designed to cover immediate clean-up and living expenses. With flood insurance, you can file a claim for damages even when there are no federal disaster declarations associated with your loss.
Without flood protection, you could lose everything you own to water damages and still be out additional money for clean-up and remediation expenses. The cost of recovery could set you back many years financially, even if you are granted a government-backed recovery loan. These funds are stilled borrowed, and even though backed by the federal government, they still need to be repaid with interest. Why risk financial devastation when NFIP coverage can provide an affordable and effective solution?
Get a Quote
With a few exceptions, there is a lengthy waiting period for most homeowners before flood insurance becomes effective. Do not wait to get the coverage you need. At Strobel Insurance, we can help you better understand your coverage options and find out if you are eligible for flood insurance through the NFIP. We can also help you explore supplemental flood insurance options if desire additional coverage beyond that which is available in a standard flood insurance policy.
For more information about Wisconsin flood insurance or to request your free quote, contact our office today.