Imagine having to evacuate your home after a hurricane or flood warning. With little time to pack, you grab what’s most precious to you, pack the family in the car, and head for higher ground. Returning home afterward, he finds that his house and the surrounding area have been damaged; maybe some of them can be repaired, but there’s a good chance you’ll lose some valuable possessions due to storm damage. However, with flood insurance coverage, you can be properly compensated for your losses.
Homeowners who don’t live along the coast or in hurricane-prone beach areas may view flood insurance as an unnecessary expense. What is the point of additional coverage if you live in a landlocked area? Well, when you consider that floods can happen anywhere in the world, not just where sea level is, you might think differently. Homeowners in Tennessee learned the hard way when flooding damaged homes and businesses. If it can happen there, it can happen where you live on a day of heavy rain that encourages water systems and rivers to overflow.
I’m still not convinced that you should seriously consider a flood insurance policy. Think about this:
1) Getting a policy now is more cost effective than paying to repair the damage later. A flood insurance policy could cost you a few hundred dollars a year. Accumulate this against loans paid to people made homeless by the floods. Pennies a day versus years of paying back is definitely a no-brainer.
2) Policyholders can experience faster relief. If you have a policy in hand, you may find it easier to get compensation than if you didn’t have this type of insurance. It is not uncommon for people to wait weeks or even months for checks to be delivered by their insurance companies. Flood insurance makes it easy for you.
3) Your traditional home policies may not cover all flood damage. Check with the supplier and consider a flood policy when necessary.
4) These policies will not become effective until thirty days after obtaining one. So if you’re sitting at home watching the weather reports and worried that flood waters are headed your way, getting a last-minute policy won’t help. You have to be prepared well in advance.
Flood insurance can give you peace of mind during a bad weather season. You may not be able to replace everything lost in a severe storm, but a solid policy can at least help you rebuild in a timely manner.