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10 Flood Insurance Myths and the Truths Behind Them

5 May by 5280 Insurance

There are a lot of misconceptions about floods and flood insurance. As a commercial or residential property owner, it is important to know that there’s always a possibility of a flood happening. With the right private flood insurance policy, you can have peace of mind knowing that you are protected. 

Before you start searching for flood insurance, though, here are some of the most common myths related to flood insurance and the truth behind them: 

Myth #1: Homeowner’s Insurance Covers Flood Damage

Truth: Most homeowners’ insurance policies do not cover flood damage. In fact, only 20% of homeowners have flood insurance, which FEMA requires in most states. 

Myth #2: Only People in a Flood Zone Will Benefit from Flood Insurance

Truth: Even if you are not in a flood zone, a flood can still happen. You may not even be aware that you are in a flood zone because flood maps can change, too. Flood insurance is important for everyone, whether or not you are in a flood zone. 

Myth #3: Only Homeowners Can Buy Flood Insurance

Truth: You can purchase flood insurance whether you’re a homeowner, a business owner, or even a renter.

Myth #4: It’s Best to Wait Until the Rainy Season Before Buying Flood Insurance

Truth: Flooding can happen at any time of the year. The fact that it’s dry during the winter doesn’t mean you are better protected. Most major floods occur in the spring and summer.

Myth #5: If You Don’t Have a Big Yard, You Are Less Likely to Flooded

Truth: The size of your yard is not a predictor of whether you will flood. The depth of your property, rainfall, and other factors are all much more critical.

Myth #6: If You’ve Never Flooded Before, You’re Less Likely to Flood

Truth: Property damage can happen even if you’ve never flooded before. That’s why it’s important to have flood insurance whether you’ve flooded before or not.

Myth #7: Minor Flooding Won’t Cause Too Much Damage

Truth: Even if your property isn’t completely flooded, there can still be serious damage. As many as 60% of flood claims are related to water in a basement, even if it’s just minor water damage. Structural and cosmetic damage can also occur even if water isn’t a factor.

Myth #8: Flood Insurance Always Pays for 100% of the Damage

Truth: Flood insurance does not always cover 100% of the damage. It always depends on the type of damage, the cost of repairs, the extent of the damage, and other factors. It’s important to have an experienced agent assess your property to determine how much you will be covered.

Myth #9: Flood Insurance Is Too Expensive

Truth: It’s important to know that there are different types of policies, and you can choose the right one for your situation. There are also government grants available to help you afford your insurance.

Myth #10: You Can’t Get Flood Insurance If You Have a Low Credit Score

Truth: It’s possible to get flood insurance even if you have a low credit score. You can even get a discount on your policy if you have a good credit score.

Conclusion

It’s important to know the facts about flood insurance before you make a purchase. While there are some myths to watch out for, it is possible to get affordable insurance if you know how. It will also be helpful to speak to an experienced agent who can help you determine the right private flood insurance plan for you.

5280 Insurance is a reputable company in Colorado that can provide you with the best flood insurance plan that suits your needs. Contact us today to get a quote for flood insurance in Colorado!

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