It’s only January and we already have ample amounts of snow. Pair that with the moisture we had last Fall and we’re looking at a potentially flood-prone Spring ahead of us.
If you’re at a property where flood insurance is not required, it does not necessarily mean “no flood insurance needed”. Most people assume their homeowner’s insurance covers property damage due to flood, but this is not the case. Flood insurance covers direct physical losses by flood and losses resulting from flood-related erosion caused by heavy or prolonged rain, coastal storm surge, snow melt, blocked storm drainage systems, levee dam failure or other similar causes. To be considered a flood, waters must cover at least two acres or affect two properties. There is no coverage for flooding in standard homeowners or renters policies or in most commercial property insurance policies. If you don’t carry flood insurance currently, it should at least be something you’re considering.
One thing to remember- and this is important- there is a 30 day waiting period from the date you set up your policy to the time your coverage begins. This means that you should be thinking about flood insurance, now- and making a decision on whether or not to proceed with it, very soon.
Of course we all want to get through the Spring without having to actually use the coverage; however, we also don’t want to neglect carrying the coverage and face what could potentially end up being a very serious situation.
Our Agents are knowledgeable and available to discuss any questions or concerns you may have going into this Spring and securing flood insurance.