Debunking common myths about a flood insurance policy

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Flood insurance is one of those things that many homeowners just don’t understand, but the fact is, many homeowners can benefit from some type of flood insurance policy.

That’s because there are a few different kinds of flood insurance (and no one wants water in their home!).

So, if you are wondering about a flood insurance policy, here are some common myths – debunked.

You don’t need flood insurance because your homeowner’s policy will cover it

This is probably one of the biggest myths about a flood insurance policy. A standard homeowner’s insurance policy might cover some kinds of water damage but it generally does not cover flooding. If you live in an area that is prone to floods, you will need a separate policy for coverage.

I rent, so I don’t need a flood insurance policy

If you rent a home, apartment or condo, you might think you don’t need flood insurance but that’s not the case. You can – and should – purchase flood insurance if you live in an area that is prone to flooding.

I don’t live in a flood zone, so I can skip flood insurance

The fact is, every home is at risk for some kind of flooding, so even if you are in an area with a low risk, it’s probably a good idea to have a policy in case the worst happens. Weather is unpredictable and floods can happen anywhere.

The government would help me if my house flooded

You have probably heard of FEMA, the federal agency that handles disasters like floods. And you might be under the impression that FEMA will help people with federal disaster relief funds if your home floods. While that might be the case, not all floods qualify for relief and the grants are generally not small enough to cover a total loss.

A good flood insurance policy will provide more coverage and get you back on your feet faster.

Crumrine Financial Services

At Crumrine Financial Services, we can help you find the policy you need. Call us for a quote.