The Importance of a Flood Policy

a flooded street with houses in the background
The Importance of a Flood Policy

With the National Oceanic and Atmospheric Association predicting an above-normal hurricane season in 2024, many homeowners are curious about adding a flood policy to protect their homes. Standard homeowner’s policies don’t cover flood damage. Staples & Associates is here to help you understand the importance of a flood policy

Reasons to Add a Flood Policy for Your Home Now

  • Flood policies are usually unavailable after a hurricane is forecasted. Staples & Associates recommends securing one for your home in advance, ideally before the end of summer so that you know you’re covered. Hurricane season is typically from midsummer through the fall. 
  • Even in low-risk areas, floods can occur and leave homeowners with huge repair costs because standard homeowners insurance doesn’t cover the damage. Luckily, flood insurance will cover both physical damages to your home and belongings from floods.
  • Coastal homes are not the only properties affected by floods—They can happen anywhere and at any time, without being close to a body of water. Groundwater flooding happens when the water table rises due to heavy rains or limited drainage space in developed areas.
  • When determining insurance coverage for flood damages, the cause of the flooding matters, such as a named storm versus a hurricane. The way the damage was caused will affect the amount of the deductible the homeowner is required to pay. Flood insurance can cover the costs of replacing your damaged belongings. This includes items like furniture, electronics, appliances, clothing, and more.
  • In many states, you may be required to purchase a flood insurance policy if you have a mortgage or other loan from a federally regulated lender.

Consider buying flood insurance for peace of mind and protection. Your Staples & Associates agent can help you determine whether to add flood insurance to your home insurance policies. Contact our team today for a quote!

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