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Debunking 3 Common Flood Insurance Myths

19 May by 5280 Insurance

When it comes to ensuring your home’s security, flood insurance is likely one of the most important types of insurance that you can purchase. Flooding is more common than many homeowners realize, and there are a number of common misconceptions about flood insurance that can lead to some people being under-protected. There are also a few common myths about flood insurance, as well as some important truths that you should be aware of.

If you’re interested in knowing the facts behind flood insurance myths and exactly how they can protect you, here’s a closer look at common myths about flood insurance and the information you should know to get started with a policy.

Busting Common Flood Insurance Myths

Myth #1: Homeowners Insurance Already Covers Flood Damage

This is a common misconception that has a good deal of truth to it. Homeowners’ insurance policies do cover damage caused by flooding, but this coverage is limited and is only issued in addition to flood insurance. If you believe that you are adequately covered for flooding, then you are likely mistaken.

Flood insurance can be purchased separately from your homeowners’ insurance, or you can purchase an insurance package that includes both flood coverage and other types of insurance coverage. This can save you money by bundling your coverage together, but it’s important to know that flood insurance is different than most other types of insurance.

Myth #2: You Only Need Flood Insurance If You’re Living in a Flood Zone

This is another common myth that has a certain amount of truth to it. If you live in a flood zone, then you need flood insurance. The problem is that approximately 25 percent of flood claims are not made by homeowners who live in designated flood zones. 

This means that you may not qualify for flood insurance if you don’t live in a flood zone; even if you’re not living in a flood zone, you can still be affected by a flood.

Myth #3: Homeowners Are the Only Ones That Can Benefit from Flood Insurance

Flood insurance is available to homeowners, businesses, and renters, and it can be a valuable investment for everyone. In fact, the benefits of flood insurance can extend beyond your property. If your home is damaged in a flood, and you are forced to move out of the home, then many types of insurance can be used to reimburse you for the cost of your temporary housing.

If your business is damaged by a flood, then your business insurance should cover a portion of the business losses incurred by the flood. If you live in an area that is prone to flooding, then you should consider purchasing flood insurance whether you own a home or not.

The Bottom Line: The Importance of Flood Insurance and Combatting Misinformation

The truth is that you never really know what tomorrow will bring. You can install the best flood alarms and flood sensors in your home, but you can’t guarantee that they will work when water is rushing into your home. This is why it’s important to know the facts behind flood insurance myths and to buy coverage.

Are You Looking for the Best Insurance Companies in Colorado?

Here at 5280 Insurance, we strive to find the best insurance coverage for you and your family. We hope you found this article helpful and that you have a better understanding of the importance of flood insurance. Visit our website to get flood insurance quotes in Colorado.

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