Most homeowner’s policies do not cover flooding.
When discussing Flood Insurance with potential clients I often get the response, “I’m not in a flood zone.” You need to know, not only those located in high risk areas, but those in moderate to low risk areas are subject to flooding as well. Their risk while reduced is not removed. You can live miles away from water and still experience a flood loss. Anything from new development to a slow-moving rainstorm can cause flooding. Those located in low risk areas may be eligible for a lower-cost policy called Preferred Risk policy.
Another response I sometimes hear is, “I will get aid from the Government if I have a flood.” Federal disaster assistance is not always available and if it is, it’s usually a loan that must be repaid with interest.
If you live or own a business in a high-risk area of Special Flood Hazard Area (SFHA) and obtain a loan from a federally regulated and insured lender you will be required to carry flood insurance for the life of the loan.
Just a few inches of water can cost thousands of dollars in damages.
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