Why It’s Important to Have Flood Insurance for Your Home or Business

House with a view of the ocean

Did you know that floods are the number one natural disaster in the United States? Also, did you know that not every homeowner’s or business owner’s insurance policy has flood coverage? It’s important to understand that even in low-risk areas, floods can still happen, and cause thousands of dollars worth of damage to your home or business. It’s scary to see just how water damage adds up. While most homeowners are worried about fire, floods are in fact the greater risk.

So why purchase flood coverage even if you’re at low-risk of a flood occurring? Floods can actually occur anywhere, due to factors such as bad storms, snow melt, or new development nearby. Standard flood insurance policies available through the National Flood Insurance Program (NFIP) can protect not only your buildings, but the contents, as well. If you choose to insure both, you get coverage for damaged walls, floors, fixtures, and other equipment, plus audio equipment, appliances, clothing, furniture, televisions, and wall & floor coverings.

As long as your particular community participates in the National Flood Insurance Program (NFIP), you can get flood insurance coverage. You can see the participation status of your community on the FEMA website, including this list for Massachusetts. Also, there are few if any restrictions on whether or not you can get flood insurance for your properties. Even if your property has flooded before, you can still be covered. Also, even if your property exists in a floodplain or moderate high-risk area, you can still be covered. FEMA has a handy flood map service for you to check the flood risk in your own area.

Knowing the flood risk in your particular area is important, as obviously the greater the risk, the more you should consider flood coverage. But no matter what, it’s worth the peace of mind to have flood insurance in even low-risk areas. The potential return later from an unexpected disaster could save you thousands of dollars in the long run.