Many property homeowners usually have misconceptions about flood insurance coverage, akin to whether or not they can get it, after they should buy it, and the way a lot it prices, a information launch mentioned.
Listed here are a few of frequent myths and details about flood insurance coverage and the Nationwide Flood Insurance coverage Program:
Delusion: You’ll be able to’t purchase flood insurance coverage for those who stay in a high-risk flood space.
Truth: You should purchase federal flood insurance coverage irrespective of the place you reside in case your group participates within the NFIP.
Delusion: Catastrophe help is similar as flood insurance coverage.
Truth: With out flood insurance coverage, most residents should pay out of pocket or take out loans to restore and exchange broken gadgets. Federal help isn’t all the time accessible and isn’t sufficient to get you again to your pre-disaster situation.
Delusion: Get the quantity of flood protection you’ll be able to afford now.
Truth: Ask your insurance coverage agent to cite you completely different ranges of flood insurance coverage protection.
Delusion: Renters can’t get flood insurance coverage.
Truth: Renters can get contents protection to have the ability to exchange belongings.
Delusion: Not each flood zone has some flood threat.
Truth: Flood insurance coverage is required and accessible in all flood zones.
Delusion: You’ll be able to’t purchase flood insurance coverage instantly earlier than or throughout a flood.
Truth: You should purchase flood protection at any time. Nonetheless, don’t wait, as a result of insurance policies usually take 30 days to enter impact. There are a couple of exceptions that scale back or remove the ready interval. Examine them at www.floodsmart.gov/flood-insurance-cost/terms.
Delusion: Owners insurance coverage insurance policies cowl flooding.
Truth: Sadly, many don’t discover out till it’s too late that their householders coverage doesn’t cowl flooding.
Delusion: Flood insurance coverage is out there just for householders.
Truth: Renters and enterprise homeowners can get flood insurance coverage too.
Delusion: Solely residents of high-risk flood zones must insure their properties.
Truth: Greater than 40% of NFIP claims prior to now 5 years come from outdoors the high-risk space. For those who stay in an space of minimal flooding, it’s possible you’ll qualify for a low-cost Most well-liked Danger Coverage.
Delusion: Federal flood insurance coverage could be bought solely instantly by way of the NFIP.
Truth: The Nationwide Flood Insurance coverage Program companions with greater than 60 non-public insurance coverage corporations to promote and repair flood insurance coverage insurance policies. For those who don’t have an insurance coverage firm or in case your insurance coverage agent doesn’t promote flood insurance coverage, use the NFIP insurance coverage supplier locator to discover a supplier close to you.
Delusion: Wind-driven rain is taken into account flooding.
Truth: Whereas flood insurance coverage insurance policies particularly exclude wind and hail protection, most owners’ insurance policies embody this protection. Rain getting into by way of wind-damaged home windows or doorways or holes in partitions or the roof leading to standing water or puddles is taken into account windstorm fairly than flood harm. Federal flood insurance coverage usually covers water that comes up from the underside and enters your house from outdoors.