Hurricane season has officially begun, and it has been forecasted that this year there will be 15-25 named storms. If you ‘re wondering if you need to have Flood coverage, here are some important tips for you:
- Protection Against Financial Loss: Floods can cause significant damage to a home, including structural damage, ruined belongings, and mold growth. Without flood insurance, homeowners would have to bear the financial burden of repairing or rebuilding their property out of pocket. Having flood insurance provides a safety net, covering repair costs and minimizing the financial impact.
- Standard Homeowners Insurance Doesn’t Cover Flooding: Many homeowners mistakenly assume that their standard homeowners insurance policy includes flood coverage. However, typical homeowners insurance specifically excludes flood-related damage. To safeguard against flood risks, a separate flood insurance policy is necessary.
- Natural Disasters Are Unpredictable: Floods can occur unexpectedly due to heavy rainfall, storm surges, hurricanes, or even snowmelt. Homeowners cannot predict when their property might be affected by flooding. Having flood insurance ensures preparedness for such unforeseen events.
- Federal Disaster Assistance May Not Be Enough: After a major flood, federal disaster assistance may be available to affected homeowners. However, this assistance is often limited and may not cover all losses. Additionally, it is typically in the form of loans that need to be repaid. Flood insurance provides more comprehensive coverage without the need for repayment.
- 30-Day Waiting Period: It’s essential to plan ahead. Flood insurance policies usually have a 30-day waiting period before they become effective. Waiting until a hurricane or severe weather event is imminent is too late. By securing flood insurance early, homeowners ensure timely protection.
Remember, your home is more than just a physical structure—it holds memories, security, and comfort. Flood insurance helps safeguard all of that. Don’t wait until it’s too late; protect your home and peace of mind today!
Homefront Insurance Agency, “Let us protect your Homefront.”