Floods in the United States cause billions of dollars of damage every year. There are many misconceptions about flood insurance. It is important to understand that any property can be affected by floods, which makes flood insurance is so important and beneficial. However, there are also many misconceptions associated with this type of insurance. Many of them have nothing in common with reality. Keep on reading to find out what are the most common myths about flood insurance that should be debunked.
Floods Do Not Cause Much Damage
One of the most common myths is that floods do not cause any significant damage, which means that flood insurance is not necessary. However, according to FEMA, just one inch of water can cause about $25,000 worth of damage. The higher the water gets, the more damage to the home’s structure and contents.
Flood Insurance Is Only For Homeowners
Businesses also can be affected by floods, especially if they are located in a flood-prone area. Therefore, they can also benefit from flood insurance that will pay for rebuilding and renovations. Flood insurance is also available for condos and rented property. If you buy flood insurance, and you live in a place you are renting, flood insurance will cover your furniture and personal belongings.
Homeowners Insurance Covers Flood Damage
Another common myth is that a standard home insurance policy covers damage caused by floodings. It is not true, and if you want to make sure that your property is fully protected, you have to purchase a separate flood insurance policy.
M8 Insurance serving Salt Lake City, UT – Get Insurance Addressing Your Needs and Budget
If you own a property, whether residential or commercial, you will definitely benefit from food insurance. M8 Insurance is an insurance company serving clients in Salt Lake City, UT and other surrounding towns. Our knowledgeable insurance agents will be glad to answer your questions and help you find a policy based on your needs and budget.
