Flood insurance isn’t just a smart idea. It is assurance that you’re safe in any flooding situation and damages. Here’s why you should consider buying it.
Home Insurance Won’t Cover It
Home insurance does not cover floods. So, even if something like your roof or appliances is damaged, your home insurance can’t help you if it happens in a flood.
Flood insurance is the only thing that will help you in this common situation. And floods likely happen more than you think — floods are the most frequent and damaging natural disaster in Pennsylvania. Twenty-four counties have an average of one flood event per year.
The average flood damage incident costs homeowners between $2,000 and $5,000. The minimum cost you can expect to pay is $1,000, while the maximum cost is $8,000. If you’re in an area that experiences one flood per year, it would be unthinkable to go without insurance coverage. High-risk areas have at least a one-in-four chance of flooding during a 30-year mortgage.
Even If You’re Not At Risk, It Could Happen
Poor drainage systems, summer storms, melting snow, neighborhood construction, and broken water mains can all result in flooding. Even if your home isn’t on the map for flash flooding, you will almost certainly encounter another flood event at any point.
If you don’t think you’re at high risk, think of it like a car warranty — you hate to pay the extra cost because what if you don’t ever use it? But, when a bill comes in for thousands of dollars covered by your warranty, you’ll be glad you had it. Flood insurance is strong protection against very real and highly possible damages.
Federal Disaster Assistance Isn’t Reliable
If a flood is deemed a disaster worthy of federal assistance, you may receive a payment to cover damages. But this assistance is unreliable at best and a nuisance at worst.
Floods will rarely qualify for assistance — it’s only available when there is a Presidential disaster declaration, which does not happen very often.
Most assistance also comes with heavy strings attached — your “assistance” likely comes at a cost. It may be given as a loan that must be paid back with interest.
Even Renters Can Face Damages
Flood insurance isn’t just for homeowners. Even though renters don’t have to insure the building, they are responsible for their belongings. Suppose you want to protect the things you own from flooding. In that case, you’ll want flood insurance because the renter’s insurance won’t cover damages related to floods.
Find the Coverage You Need with Remco Insurance Services
You’re our top priority. Remco Insurance Services doesn’t sell insurance. We bring you the right insurance coverage to best fit your needs. To learn more, reach out to us today.
