There are a lot of misconceptions that circulate surrounding floods and flood insurance. Since there is always a chance of flooding, especially in the spring when it is raining frequently. It is essential to be aware that flood insurance may be helpful for virtually everyone at any time.
Here are the facts behind nine common myths about flood insurance:
1st Myth: Flood Insurance Is Only Available to Homeowners
Tenants concerned about their belongings' safety due to flooding can typically purchase flood insurance. However, business property owners worried about their establishments' safety and belongings can also safeguard their assets with a flood insurance policy.
2nd Myth: You Should Wait Until the Rainy Season Before Investing in Flood Insurance
The best time to buy flood insurance is before water levels rise and threaten to affect your location, yet some individuals wait until the last minute. This is because flood insurance policies often have a 30-day waiting period before they become active.
3rd Myth: Flood Damage Is Covered by Homeowners Insurance
The Federal Emergency Management Agency (FEMA) warns that while homeowners insurance may assist pay for some water damage, it usually does not cover flood damage.
4th Myth: You Only Need Flood Insurance If You Live in a Flood Zone
In a flood, it doesn't matter what kind of property you own. According to FEMA, flooding is five times more likely than fire to strike your home within 30 years, regardless of whether you live in a low- or moderate-risk area for flooding. Property owners not in areas at high risk of flooding account for more than 20% of all flood insurance claims.
5th Myth: Flood Maps Are Fixed
FloodSmart.gov notes that a community's flood risk can be seen on a flood map and that a property's risk of flooding can vary over time. The expansion and development of the community could be a factor in these alterations. The drainage system may be unable to keep up with the increased amount of concrete and asphalt as more structures are constructed, and less green space is preserved.
6th Myth: Flooding Occurs Once Every Century on 100-year Flood Plains
Despite popular belief, flooding does not occur once every 100 years because of this word. Instead, FEMA states that a location in a "100-year flood plain" has a one percent probability of flooding in any given year. Accordingly, if a home in a 100-year floodplain flooded last year, there is still a probability that it may flood this year.
7th Myth: All of the Damage Caused by a Flood Will Be Covered by Insurance
According to FEMA, the typical limits for a flood insurance policy are $250,000 for the structure of a single-family house or condominium and $100,000 for personal property. You can choose between these two sorts of protection when you get a flood insurance policy.
8th Myth: A Small Degree of Flooding Would Not Do Any Serious Harm
Minor flooding can nevertheless do a lot of harm to a house and its belongings. According to FloodSmart.gov, the average home can sustain over $25,000 in damages from as little as one inch of water.
9th Myth: The Government Will Help Me Pay to Repair My Home If It Floods
As FEMA explains, only about half of all floods result in a presidential declaration of a disaster, and only then makes federal disaster relief money available. The national government issues a disaster assistance grant, usually around $5,000.
When dealing with potential flood damage, knowledge and planning are crucial. If you know the process of flood insurance, you can better prepare yourself in the case of a flood.
Conclusion
There are various myths and misconceptions about flood insurance out there. But as this article has shown, flood insurance is essential, and it's not as expensive or difficult to obtain as many people think. Get in touch with us at Brand and Britt Insurance to make sure you’re covered for when the rainy season comes around. Brand and Britt Insurance is the place to get flood insurance in Georgia. We're an independent insurance agency that can help you find the right auto, home, life, and other types of insurance. Let us send you a secure request right away