While your homeowners insurance will protect you from a variety of emergencies and losses, it doesn’t cover flood damage. Many homes need specific flood insurance designed to protect the home from flood waters and bad weather. Learning more about flood insurance can help you decide if this coverage will help you protect your family and your most valuable asset, your home.
Location Matters (But not as much as you think)
If you can see the ocean, a river or lake from your porch, flood insurance is a must. It can be more difficult to realize that you need flood coverage if you do not live directly on the water. Keep in mind that water moves swiftly, so if you are near a large body of water, flood insurance is a must. Many New Jersey and New York homeowners discovered this the hard way when Hurricane Sandy barreled into the coastline in 2012. Homes that were blocks away from the beach were devastated by flooding and many of these home owners did not have flood insurance; their homes are still awaiting repair 3 years later.
Weighing Cost vs. Risk
The cost of flood insurance is minimal for most homeowners, making it an affordable way to cut your risk. Water can cause immeasurable damage to a home, from the damage caused by the initial flooding to the mold, mildew and odors that can linger months later. Flood insurance allows you to pay for the right kind of cleanup and restoration and ensures that your home can swiftly be restored to its original condition. Comparing the cost of potentially repairing or rebuilding your home against the cost of annual flood insurance not only makes good financial sense, it gives you peace of mind as well.
Even homes that are not waterfront need flood coverage — a single neighborhood drain overflow can devastate the surrounding homes in a day. To learn more about your flood coverage options and about protecting your home from extensive water damage, contact us. You can also follow our blog for the latest home insurance news, tips and trends and to learn ways to save on your insurance needs.
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.