Flood Insurance: Do I Really Need It?
You might think that flood insurance is only for those who live on the banks of the Mighty Mississippi, but think again. There are a myriad of reasons that flood insurance is a good investment, even if your name isn’t Huck Finn.
Flooding is caused by more than thunderstorms and rising rivers. Hurricanes and heavy snows can also result in a deluge of water. Additionally, as building and development increases, open space decreases, and the result is land that is not as adept at absorbing water. Translation: Even areas that seem to be at a low risk for floods may get wet. Whether you’re in a low-risk area or deep in a flood plain, once a flood hits, the end result is the same.
Flood coverage is not included as part of traditional homeowner policies, but it is good practice to consider adding it as a separate policy. Even minimal flooding can result in maximum damage and a severe financial impact. Homeowners should weigh the cost of flood coverage, which is usually quite reasonable, against the cost of flood cleanup.
In the meantime, you can also take steps to protect your home from flood damage. If you’re building a new home, consider raising its elevation or at least the height of electrical sockets and using water-resistant materials. Also, be sure to plant flowers and shrubs that are native to your area and thus resistant to soil erosion.
You never know what Mother Nature has in store; therefore, it’s worth getting estimates now so that you’re prepared later. Visit the AAA website or talk to your agent for more information.