Flood insurance is more important than you may think. The United States has a low rate of homeowners having flood insurance even when there are increasing risks of flooding. Here are some common misconceptions people may have about flood insurance.
"I don't need flood insurance because there is a low risk of flooding."
Many people assume they wouldn't need flood insurance due to a lack of flooding near their home. However, a 2019 Verisk analysis shows that over 50% of homes in the United States are
at risk of extreme flooding.
"Flood insurance is too expensive."
Flood insurance prices vary from state to state. With the right insurance brokerage, you will be able to get the best rates that will protect you in case of a disastrous flood. Since the Covid-19 pandemic, you can even get a virtual inspection for an insurance quote.
"Flood insurance is too confusing."
Now is the time where getting flood insurance can be a transparent and easy process. New technology and data can accurately determine your home's flood risk, thus getting the right amount of flood insurance for your home.
Protecting your property and belongings is a homeowner's responsibility. No matter where you live, researching what flood insurance policies are right for you will ultimately benefit you in the long run.