The Truth about Flood Insurance

By
Services for Real Estate Pros with Paula Smith Insurance

Myth:  It won't happen to me

 

Fact:  you don't have to live by the water to be at risk.  Approximately 30 percent of all flood claims occurs in low to moderate risk areas.

 

Myth: My Homeowners Insurance is enough

 

Fact:  Homeowners Insurance does not cover flood damage - federal flood insurance does.  Flood insurance also covers mudflow, dirt and debris resulting from moving water.

 

Myth:  I don't need flood insurance

 

Truth;  Homeowners with mortgaged property in special flood hazard area are now required by federal law to obtain flood insurance  Lenders must comply by requiring flood insurance on the outstanding mortgage balance for the life of the loan.

 

Myth:  The government will pay

 

Fact:  To receive federal disaster assistance, a flood must first be declared a federal disaster by the US president.  Less than 50 percent of the floods that damage homes across the country every year wind up being classified as a federal disaster.

 

 

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