Why You Need Flood Insurance
Far too often for many homeowners, flood insurance doesn’t even come up as a possibility until it’s too late. After a home has been damaged by flood waters is not the time to start thinking about this type of coverage. Here’s what you need to know.
Standard Policies Don’t Cover Flood Damage
The fact is, if a house is damaged or destroyed in a flood, standard homeowners’ insurance will not cover this. The only guaranteed coverage available in such a situation is federal insurance specific to flood events, which is available through your agent. It’s important to get coverage as early as possible since it takes at least 30 days for a policy to take effect.
Floods Can Happen Anywhere
I often hear from many homeowners who incorrectly assume that only people living in floodplains need to insure their homes against floods. As we saw with the flooding around the Baton Rouge in 2016, homes outside of a floodplain can still experience flooding. In fact, almost 25 percent of all homes that flood are not in a floodplain, and nearly 50 percent of the homes that flooded in 2016 were not as well. Stalled storms, exceptionally heavy rains, poor neighborhood drainage, and other causes can lead to flooding in unexpected places. Fortunately, rates are very reasonable for those living outside of a floodplain.
FEMA Disaster Aid Is Not Always Available
Relying on FEMA is not a sure bet since aid is available only during presidentially-declared disasters. When federal assistance is available, it may come in the form of a loan that has to be repaid. A flood insurance policy, on the other hand, pays insurance claims regardless of whether or not a disaster was declared.
It’s important to note that coverage isn’t restricted to homeowners. Contents coverage is available to renters. In many communities, farm and commercial structures can also be insured. Call Darryl Murphy Insurance at 225-698-6789 for your free quote.