Why Should You Get Private Flood Insurance


Standard home insurance does not cover damages caused by floods. Instead, you have to purchase a separate premium for that.

However, many people that don’t have flood insurance are missing out on the benefits of having one.

During Hurricane Florence’s onslaught just last month, only 10% of the residents living on the Carolina coast are insured, according to the Washington Post.

Considering this fact, it’s only best for residents to get covered by flood insurance based on the following reasons.


1. Floods are unpredictable.

Hurricanes are not the only reasons why flooding occurs. In fact, floods can occur anytime and anywhere. Whatever causes flooding, residents will need to prepare themselves for anything. With flood insurance, they can secure their lives and property from the potential destruction caused by floods.


2. Flood brings catastrophes.

The effects of flooding are a serious matter. They can cause the loss of lives and property, damage to infrastructure, the spread of disease, among others. It becomes difficult to start over. With flood insurance, we can at least have enough resources for rebuilding.


3. Flood losses are expensive.

Recovering from a flood is expensive, considering the immediate damages it caused. According to a report by Fox Business about the Hurricane Florence, the storm has caused $38 billion and $50 billion in damages. Considering the high estimate of $50 billion, Hurricane Florence has been ranked as the seventh-costliest storm in history based on Moody’s Analytics.


4. Federal assistance is not that reliable.

According to FEMA, federal assistance for flood damage does not compensate for losses; rather, it usually comes from a low-interest loan to help you cover the effects of the flooding. Also, loans are only available based on the president’s formal declaration of a disaster and should be paid along with any existing mortgage. Besides, private flood insurance has higher coverage than NFIP.


5. Your home is always flood prone.

There are a lot of reasons why people choose not to get flood insurance for their homes. However, no matter where you are residing, your home could be sitting in a flood-prone area without you knowing.


To secure your home from any risks brought by flood, visit Alternative Insurance Agency today and keep your finances afloat.


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October 3, 2018 - 1:25 pm Reply

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