Knowing some basic facts about flood-related damages will help you understand why having flood insurance is so important. Unfortunately, many people have no idea they live in a floodplain until it's too late. Floodplains cover less than 2% of the earth's surface, but flooding is the most commonly reported natural disaster in the U.S.
The result is a staggering $30 billion in damages every year. Learning as much as you can about flooding in your area will help you better protect yourself from financial loss.
How Do You Know If You're at Risk for a Flood?
The majority of homeowners have no idea whether they live in a floodplain. Living near any type of water body, such as a lake, river, stream, or pond, will increase your risk of flooding. It is crucial to know where the floodplains are in your area. While you can't move your home, you can find the right type of flood insurance that will give you the coverage you need to protect your property if a flood does occur. Your local FEMA office or zoning commissioner may be able to help you determine how close you are to the nearest floodplain.
The Two Types of Flood Insurance
There are two types of flood insurance policies. The first is through the National Flood Insurance Program, offered through FEMA and the federal government. If your community is one of the 21,000 that are involved in the program, you will be eligible to buy this type of flood insurance. Your other option is to purchase flood insurance from a private company. Both types of insurance are sold through your local agents and are readily available as long as you meet the eligibility requirements.
Things You Can Do to Protect Your Home
You may not be able to move your home out of the floodplain, but there are a few things you can do to keep your home out of harm's way. Waterproofing your basement or foundation may help if water makes its way close to your home. You can also keep your ditches clean and free of debris. This will help water drain away from your home as quickly as possible. While it may not prevent your home from experiencing damage, it will help to minimize the amount of damage in a mild-to-moderate event.
Saving Money on Flood Insurance
Just like with other types of insurance, you have a few options that will help you save money on flood insurance. Choosing to pay a higher deductible is one of the most effective ways to lower your insurance costs. Reducing the amount of coverage is also a possibility. Speak to your insurer to uncover potential ways to save on your insurance policies, including flood and homeowners policies. They can help you determine just how much insurance you need and what type of flood insurance is best for you.
If you have concerns about flood insurance
, talk to our experts at Fuller Insurance Agency
. Our team of professionals has several years of experience and will assist you in finding the best possible flood insurance policy for your situation. We will help you determine your level of risk as well as how much insurance you actually need. Call and schedule an appointment
at your earliest convenience to make sure that your home is fully protected from any type of flood or water damage.