06/06/2024
The Importance of Flood Insurance Is Growing
I grew up here at the Jersey Shore – exit 90 (or 98), salty air, a lot of great memories. But those memories also include some not so fun weather events. Irene, Sandy, and Ida – all left their mark, and each one seemed to come with more flooding than the last.
The reality is, floods are becoming more common, and they're hitting places you wouldn't expect. According to the National Flood Insurance Program (NFIP), 40% of claims come from outside designated flood zones! Also, with ocean temperatures being warmer than usual lately, it's sparking concern for more energetic storms.
What does this mean for you?
It's time to start assessing the risk of you potentially experiencing a flood yourself. The flood maps are changing all the time, meaning a home that once wasn't in a flood zone could end up in one. Are there creeks, streams, rivers, bays, etc nearby you? Have you or your neighbors ever gotten water in your home or basement? Does water pool on your property when it rains? If you answered yes to any of those, you might want to start preparing for the possibility.
A standard homeowner's policy won't cover flood damage. That means a flooded basement, ruined furniture, and a moldy mess could leave you facing a financial nightmare.
Flood insurance, on the other hand, is designed specifically for these situations. It can help cover the costs of:
Repairs to your home's structure (walls, floors, etc.)
Damaged belongings (furniture, appliances, electronics)
Detached structures (garages, sheds)
The premiums of these policies vary depending on where you are located and the possible risk of a flood. If you are right on the ocean or bay, these sometimes can get pricey. Other times they are surprisingly not as expensive as one might think. Start with just getting a quote, it shouldn't cost you anything.
It's important to know that if this is something you are considering, there is often a 30-day waiting period before a flood policy will take effect. This is done to combat people purchasing a policy when a known storm is on the horizon. Don't wait until it's too late.
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