A Quick Introduction to Flood Insurance
July 7th, 2014
In many parts of the country, having flood insurance is a given. Obviously, if you live in certain parts of the South, where tropical storms and yearly rain are enough to flood a home, this kind of insurance is a good idea. Many homes in the Midwest also need flood insurance due to ice melting every year and lakes overflowing.
However, flood insurance doesn’t just cover natural causes. Homes located inland and far from any body of water flood all the time. Areas that would otherwise be considered moderate-to-low in risk are still susceptible thanks to modern amenities gone awry.
Poor drainage systems are a great example of this. Water mains are known to break on occasion too. This is especially common in old homes or those located in climates where they’re liable to freeze.
Cold temperatures, in general, are a leading cause of flooding when they lead to snow. When that snow melts, a lot of water is all of a sudden sitting at ground level and can find its way into your home.
So be sure to consider all the reasons your home could take on large amounts of water out of the blue. Keep in mind, too, that just because you need flood insurance doesn’t mean you have to pay the same as someone living in a high-risk zone.
Plus, there are a number of ways you can save money. One way is to invest in the talents of a Certified Floodplain Manager. This expert will evaluate your home and give you advice on how to lower its risk of being flooded. The advice will not only protect your home, but may lower your rates in the process.
Some homes fall into a fortunate situation that causes them to get grandfathered in to lower flood insurance rates. If your home was previously classified as low-risk when you bought your policy, you may be able to keep the preferable rates even if that classification has since changed.
Don’t trivialize flood insurance or you could take on massive bills right after massive amounts of water. Instead, consider the above advice for saving on payments.