Flood Insurance: Storm Claims Q&A

June 21, 2023||inPersonal Insurance|flood insurance, homeowners insurance, personal insurance

Many people underestimate the potential for flooding. When a heavy rain storm or hurricane hits, floods can cause severe damage. Rising and pooling water that leads to flooding doesn’t only happen near rivers, lakes, and wetlands; it can happen even in low-risk areas due to clogged storm drains, high volumes of rain, and other causes.

Let’s discuss why flood insurance could be a good investment for you.

Flood Insurance: Storm Claims Q&A
Click here to submit an inquiry to Murphy Insurance or call us at 800 222 8711

The lack of frequency of flooding can make it easier for some to rationalize why they might not need flood protection since it’s not that common. However, it doesn’t mean that it can’t happen, which is why you need protection.

Did you know that:

  • Home owners are 5 times more likely to sustain a loss from a flood than a fire?
  • 25% of all flood insurance claims are filed in low- to moderate-risk areas?
Here are some common questions that we get about flood insurance:
Q. Does my homeowners, condo, or renters policy cover floods?
A. No. Flood insurance is specifically excluded from these policies. You must purchase separate flood insurance. Flood insurance coverage is limited. Often, the amount you can purchase is less than the amount you have purchased under your home insurance. However, in a flood situation, some coverage is better than no coverage.
Q. What does flood insurance cover?
A. It covers physical damage to your property and possessions. However, the coverage is more limited than the protection provided under your homeowners policy, so it’s essential to understand the differences. Read the National Flood Insurance Program Summary of Coverage for more information.
Q. How much does flood insurance cost?
A. The cost of coverage is controlled by the National Flood Insurance Program (NFIP) implemented by FEMA. The premium cost will vary depending on your property location and structure. It also depends on the flood zone based on federal flood maps and several other factors. If you live in a low-to-moderate risk area, you can receive preferred rates. Your premium will also be lower if you choose a higher deductible. Rates are set by the NFIP and are the same regardless of where you purchase insurance.
For additional details, review our flood insurance page.
The NFIP website, www.floodsmart.gov, also provides a wealth of information. If you don’t have flood insurance but believe you have potential flood risks at your property, even if low, it’s worth taking the time to learn more and get a flood insurance quote. You may be surprised at how affordable it can be.

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