Daily Juice 085 – 4 Myths about flood insurance

Daily Juice 085 – 4 Myths about flood insurance

Here are some misconceptions about flood insurance I would like to discuss:

1. You must live in flood zone – Not true. Anyone can purchase it and you don’t have to live if flood zone. It’s cheaper if you don’t live in a flood zone. And if you are a renter and live in a condo, then you can just get a coverage for your personal property.
2. Water Damage is water damage – not so fast! If there’s a storm and your “roof comes off and water comes through, that would be covered under your homeowner’s policy. Versus a flood situation where the riverbank overflows and you look out of the front of your house and you need a boat to get from point A to point B.
3. My homeowner’s policy covers it all – not at all. You’ll have to get coverage separately.
4. All my property and possessions will be covered – not all.

• What’s covered – covers the cost to rebuild or the actual value of your home (whichever is less), includes home foundation, electrical plumbing system, kitchen appliances, carpet, floors, clothing, furniture
• What’s not covered – trees, plants, walkways, decks, patios, fences, swimming pool & loss of income.

Now, you should have a good of why you might need to consider adding Flood Insurance as part of your Risk Management programs.

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