Flood Insurance - Do I need it?

If you own property you should consider having a Flood Insurance Policy for the protection of your property and, to be honest, for your own peace of mind. Many people do not realize that a Homeowners or Commercial Property policy does not cover any aspect of a Flood. If a Flood does occur in your area, and you do not have Flood Insurance, then the cost of repairs falls on you – the property  owner.


Today many property owners, particularly those in high-risk flood areas, may be required to have flood insurance under the  terms of their mortgage. It is not optional but required. Homes, and even commercial property, in high-risk flood areas that have a government backed mortgage, are required to have flood insurance. While flood insurance is not federally required if you your property is outside of the high-risk area, your lender may still require you to have this type of coverage.

Even if you’re not required to have it, it’s still a good idea to having a flood insurance policy. A Flood Insurance Policy is very affordable and is not as expensive as your Property Insurance Policy in most cases.

Here are some important factors to keep in mind:

  • FACT: The Standard Property Insurance Policy does not typically cover flood damage.
  • FACT: Flood insurance will pay claims regardless of whether or not there is a Presidential Disaster Declaration.
  • FACT: Federal disaster assistance comes in two forms: a loan, which must be paid back with interest, or a FEMA disaster grant, which is about $5,000 on average per household. By comparison, the average flood insurance claim in 2018 was more than $40,000.
  • Fact: The damage from just one inch of water can cost more than $20,000 in repairs
  • Fact: Flash floods typically carry water between 10 and 20 feet high
  • Fact: It takes only six inches of fast-moving water to knock over and adult and twelve inches to sweep away a small car
  • Fact: Water moving at a rate of 10 mph can wield the same pressure as wind moving 270 mph
  • Fact: If you live in a 100 year flood plain, your property has a 1% chance of flooding every year
  • Fact: If your property is at less than $250,000 and it gets damaged by a flood, you are likely to have more damage than it is worth.

So, do not wait until you have the potential of a flood occurring in your area – contact our Agency NOW to get a FREE Flood Insurance Proposal for your home or commercial building.