Who needs Flood Insurance?

Do I Need Flood Insurance?

The simplest way to answer this question may be to walk to the nearest mirror. If the person you see in the mirror owns any significant amount of property that can be damaged or destroyed by water, then you should seriously consider buying flood insurance. Most persons may buy coverage offered by the National Flood Insurance Program. If your community doesn't participate in the program, you'll have to look into coverage from private insurance companies.

What's The Likelihood Of Suffering A Flood Loss?

The chances of your business, home or personal property being damaged by a flood depends primarily upon where you live. A flood loss also depends on other factors such as: how much of a flood warning you receive, the level of flood precautions that are taken by yourself (such as moving personal property from lower levels to higher levels), and the precautions taken by your community (such as the use of flood controls in construction standards or sandbagging threatened areas).

Since floods are related to weather conditions and tend to have widespread effects, your chances of a flood loss are significantly higher than experiencing many of the types of losses that are covered under your homeowner policy, such as fire or windstorms. Many people have the obsolete belief that flood insurance is only needed if you live in a flood prone area.