Flood Insurance is only essential if you live in a high-risk area | Insurance Myths

January 13, 2025|Mitos sobre Seguro|basement flooding, flood insurance, flood protection, flood risk zones, national flood insurance program

🚫 Not true! Many people mistakenly believe they don’t need flood insurance because they don’t live in a designated high-risk flood zone. However, 20-25% of flood claims come from areas outside these high-risk zones. That’s nearly 1 in 4 claims!

🌊 Why Flood Insurance Matters Everywhere

Flooding can happen anywhere, whether it’s caused by heavy rains, rapid snowmelt, hurricanes, or even broken water mains. It doesn’t matter if you live in a low-risk or moderate-risk area—the financial impact of flooding can be devastating without proper coverage.

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Did you know? You’re four times more likely to sustain a loss from flooding than from a fire over the course of 30 years. Yet, most homeowners underestimate the risks of water damage.

🏠 Homeowners Insurance Doesn’t Cover Flood Damage

One of the biggest misconceptions is that homeowners’ insurance will cover flood damage. Unfortunately, standard homeowners’ policies specifically exclude flood-related damages, leaving you vulnerable to expensive repairs and recovery costs.

💡 Take Action Now

Protecting your home with flood insurance isn’t just for those in high-risk zones. Floods can occur almost anywhere, and without flood insurance, you are at risk. Talk to Murphy Insurance to understand your flood insurance options and ensure you’re covered before disaster strikes. Floods happen unexpectedly. Contact us today to be prepared for the unexpected.

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Home insurance covers all types of damage | Insurance Myths

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Flood

Flood Insurance is only essential if you live in a high-risk area | Insurance Myths

January 13, 2025

Many people mistakenly believe they don’t need flood insurance because they don’t live in a designated high-risk flood zone. However, flooding can happen anywhere, whether it’s caused by heavy rains, rapid snowmelt, hurricanes, or even broken water mains. It doesn’t matter if you live in a low-risk or moderate-risk area—the financial impact of flooding can be devastating without proper coverage.

Flooding

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Flood Insurance Bill Signed Into Law in 2014

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As of October 1, 2013, changes to the National Flood Insurance Program (NFIP) under the Biggert-Waters Flood Insurance Reform Act are being phased in. These reforms aim to make the program more financially stable by phasing out subsidized rates and aligning premiums with actual flood risk. Not all policyholders will be affected immediately, but rate increases—especially on secondary homes, businesses, and repeatedly flooded properties—are underway. Be informed and prepared if you own property in a flood-prone area.

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