Ask any of the 769,333 Americans who’ve been displaced due to floods in the past year, and they’re sure to relate how devastating the unpredictable nature of flooding can be. Floods can strike anywhere and at any time, and as climate pattern shifts continue to heighten the risk of their occurrence, there is a growing likelihood that an increasing number of Americans may face future displacement due to floods, regardless of their geographical location. Yet while 90 percent of natural catastrophes in the country involve flooding, only 1 in 6 homes in the US is insured against this risk.
Why does flood insurance matter?
The consequences of being unprotected against flood damages can be financially devastating, with just one inch of floodwater capable of causing up to $25,000 in destruction. However, many people think they’re either not at risk of flood damages because of where they live, or they don’t realize flood damage is something usually left unaddressed by conventional homeowners insurance policies. In reality, flood insurance in addition to a homeowner’s policy is indisputably one of the best protective measures you can put in place for your home and for your financial well-being.
What to know about flood insurance
Here are a few things to keep in mind about flood insurance:
Flood insurance is a separate policy from homeowners insurance. You need to purchase flood insurance separately in order to be covered for flood damage.
There are two channels through which you can secure flood insurance: the FEMA-run National Flood Insurance Program (NFIP) and private insurers. Private flood insurance companies tend to have more flexibility in setting rates, policy limits, and coverages, while NFIP policies tend to be more widely available and can’t be non-renewed due to large or repeated losses.
For decades, the NFIP was practically the only available option for flood coverage. However, in 2022, the market had grown to at least 77 insurance companies writing flood insurance policies.
What are my options for flood insurance?
If you’re a homeowner interested in securing flood insurance, you may be overwhelmed by the options or confused by the complexities of what a policy covers. Plus, since there are so many options these days, it’s important to take the time to compare rates and coverage options from different insurers to ensure you’re getting the best policy for your needs and at the best price.
That’s why working with an independent insurance agency like MyLifeProtected* can offer you the greatest opportunity to quickly get the coverage you want that’s easy on your wallet and doesn’t interfere with your own schedule. Our team of experienced agents can access quotes from multiple insurers at once, and can clearly explain the differences between any of your options. Plus, we’ll be able to check to see if there are any additional discounts available to you for things like bundling products with the same company or for having mitigation devices like water sensors installed in your home.
Who can help me get flood insurance?
Our agents are available to help you with all your personal insurance needs Monday through Friday from 8am to 9pm ET or Saturday from 10 am to 6pm ET. Call (877) 232-4460 to speak with an agent directly today!
* MyLifeProtected is an agency service of MassDrive Insurance Group, LLC, the licensed agent for all products.