As a homeowner, you may have wondered if you really need flood insurance, especially if you are living in sunny and dry areas. According to NFIP (the National Flood Insurance Program), over 20% of flood insurance claims are from properties considered low risk. You should note that the standard homeowners’ insurance does not cover flood damage; hence, you need to purchase it separately.
According to FEMA (the Federal Emergency Management Agency), floods are considered the number one natural disaster across the United States. Flooding is caused by several conditions, including hurricanes, heavy rains, spring thaws, among others. Even though there are areas, which FEMA has categorized as high risk and prone to flooding, it can occur anywhere. Even a few inches of water can lead to detrimental damage to your home, its contents, and even your family.
Learning about the characteristics of a particular property or home is the best way to know if you should purchase flood insurance. Our team of professionals at Prestige Insurance Group based in Miami, FL, has put together the following property characteristic to help you decide.
1. Inspect your home and the surrounding area. Look for places where runoff could enter your house during heavy rains. Your property still needs protection from runoff even if it’s not identified as being in areas prone to flooding.
2. Review all the paperwork related to your home purchase. Inspect the "Natural Hazards Disclosures" to determine whether your property is in an area designated as prone to flooding by FEMA. If you cannot access your closing papers, visit a local post office and ask for the official list of parcels showing the ‘Zone A’ and ‘Zone B’ flood risk category. If your property falls under an area listed as high-flood risk, you need flood insurance.
3. Ask around the neighborhood regarding any flood history in the area. This will help you know if your property is at risk.
Based in Miami, FL, Prestige Insurance Group is an independent insurance agency that will help you find the right insurance policies for your needs to protect your home and family. Visit our website for more information on flood insurance.