If you are reading this its probably because in the last couple of weeks you have had a foot of water in your basement, know someone that has, or you are worried that your home could at some point experience some type of flood. Dont worry, you are not alone. Up until recently, nobody worried about this. Its been over a decade since rain has devastated this area. In 2000, we experienced something similar but this time it was far worse. This was catastrophic! And nobody was prepared. How could you be? The water just started shooting up like a fountain from the sewers. Cars we're submerged. Freeways we're closed. Emergency Rooms we're shut down, and cities we're completely under water. Literally not financially!
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Nobody asked for this. And nobody liked it. Nobody likes ripping out carpet, throwing away things that meant something, cutting out drywall and cleaning over and over again. And just like you, I'm tired. My basement flooded and you know what.it sucks. It totally does. My back hurts, my heart hurts, and my feet they are killing me. I just want things to be normal again.
But if you're asking yourself, If I have a sewer back rider on my homeowners policy, do I then really need flood insurance? Then you're asking the right questions. Because experience dictates action. My answer to this question would be Yes!, absolutely! You need flood insurance. Not because I am an insurance agent, but because of what just happened to us.
Sewer back up coverage is an endorsement on your home policy that will give you limited payout in the event that water comes up through your sewer drains.
Flood insurance is a separate policy that will payout when there is a flood outside and it comes into the home. Keep in mind, it is regulated by FEMA and the flood has to start outside of the home first.
As many are finding out, their sewer back rider wasnt enough. In some cases, it didn't even apply. Financially, anyone can be vulnerable to floods. However, most poeple think that because they don't live in a flood zone, they can't get flood insurance. Which isn't true. Did you know, that people living in low-risk, no flood zone areas file over 20% of National Flood Insurance Program (NFIP) claims. The good news is that if you don't live in a flood zone, then flood insurance can be very affordable.
For just $183 you can buy a preferred risk flood policy, with $30,000 in building and $12,000 in contents coverage. When the average flood loss is approximately $35,000 that's something I don't think people should go without. If cutting back once a week on that $3.50 premium Starbucks coffee can save you the $183 then what is more important, protecting your largest investment or an extra cup of coffee?
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Posted in Financial Services Post Date 05/19/2018