How much water would it take to set you back years of saving? Major floods do not come along very often, but when they do, they can wreak havoc on entire communities and the livelihood of the people who live in them.
It is easy to see how a home with several feet of water could be expensive to repair, but what about just a few inches? You might be surprised to learn just how expensive a flood can be – even the ‘small’ ones. Continue reading to learn more about flooding, water damage, and whether you should take steps to protect yourself.
Facts about U.S. Flooding
It is hard to argue with facts:
- Just four inches of water can cause nearly $40,000 in damages in a 2,000sf home.
- The average flood insurance claim was $43,000 in 2015.
- Floods are the number one natural disaster in terms of cost every year.
- Floods can easily cause more damage than the wind in a typical storm.
- Construction, topographical changes, and community development can affect your flood risk.
Who Needs Flood Insurance
Every year, people who live outside of high-risk flood zones file insurance claims for flood damages. In fact, one in five flood insurance claims is made by someone outside a high-risk area. Those individuals are not filing claims against their homeowners insurance, though. Instead, they are filing claims against the flood insurance they purchased through the National Flood Insurance Program, or NFIP.
The NFIP defines a flood as surface water accumulation over at least two acres that are normally dry. When the water comes into your home over your foundation, your flood insurance can help cover the cost of cleanup, repairs, and replacement of your personal belongings. (If you rent your home, you can purchase coverage for your contents.)
The NFIP warns that historical events are not necessarily a good prognosticator of future flood risks. While previous floods are an indication of higher risk, a lack of prior floods should not be misconstrued as low-risk. Many things can cause new flood risks, including changing weather patterns, dam breaks, levee failures, and changes in topography. You can learn more about your flood risk by visiting the FEMA Flood Map Service Center or viewing these animated flood risk scenarios available from the NFIP.
There is a 30-day waiting period before flood insurance becomes effective, so contact an agent here at Philleo Agency Insurance right away if you decide to purchase flood insurance.
Other Water-Related Risks
While floods get much of the attention when it comes to water damage, there are other ways you could be at risk. One of the most common causes of water-related losses is sewer and water backups caused by blockages or overworked drain systems. Everyone, whether inside a flood zone or not, is at risk of experiencing a wastewater backup. Unfortunately, homeowners insurance does not typically cover backup in your home. However, you can add this coverage to your policy in the form of an endorsement. Contact an agent here at Philleo Agency Insurance for more information and a quote.
Do you have flood insurance? Are you protected against drainage backups?