When the water rises, will your home be protected?
According to the U.S. Federal Emergency Management Agency (FEMA), 90% of natural disasters that occur nationwide involve flooding.
Even if you don’t live in a flood-prone region, you could be at risk. Flash floods can occur due to unusually heavy rainfall in low-lying areas or where nearby construction or real estate development has altered an area’s natural drainage.
And if flooding occurs, you’re probably not covered for it. Standard homeowner’s insurance policies specifically exclude flood damage, which means you could be out of pocket for the $30,000 or more it might cost to clean up or rebuild afterwards.
That’s why flood insurance is essential for homeowners across North America.
Navigating the market for flood insurance can be difficult. The market is complex, for one thing. There could be a 30-day waiting period before your policy goes into effect, for example, and that could have dire consequences for you if a flood occurs shortly after you purchase your coverage.
That’s why it’s important to work with an insurance professional who knows the market and can assess your specific needs, so you can make the right policy choices based on location, limits and other factors.
Your FIS agent can advise you regarding flood insurance options available to you, including:
- Water damage loss
- Excess flood coverage
- Coverage for backup of sewers and drains
While most insurance products are similar in price and function, insurance providers vary when it comes to structuring a policy tailored to you. After all, there’s no such thing as a one-size-fits-all insurance policy when it comes to protecting your family.