Do You Need Personal Flood Insurance?

Catastrophes like Hurricane Katrina have made most Americans aware of just how lethal a serious flood can be. Though floods of this magnitude are rare in the U.S., some 13 million Americans live in a 100-year flood zone, according to the Federal Emergency Management Agency (FEMA) — making it apparent that a substantial risk still exists. Despite this, many businesses and homeowners wonder why flood insurance is important and neglect to invest in coverage that could save them tens of thousands of dollars. Flood insurance is one of the best investments a homeowner can make. What does flood insurance cover, though, and how can it protect homeowners? Read on to see why a flood protection policy is essential no matter where you live.

Floods Endanger Your Health

Did you know that a flood can have a detrimental impact on your health? Your home or business isn’t the only liability. Flood waters often contain pathogens, and when left untreated, flood-damaged structures grow mold and mildew, which are also a threat to your health. If you don’t have adequate insurance, you may be left to fund repairs on your own.

Flood Claims Are Expensive

Many businesses and homeowners bank on the assumption that they’ll never have to file a flood claim. While this may be true, those who are unlucky enough to experience a flood will find that it comes with a costly price tag. The expense will depend on the extent of the damage, but in many cases, costs come in at tens of thousands of dollars. This can be financially devastating for anybody who’s unprepared for such a major expense. The small monthly premium associated with a flood insurance policy is a small price to pay for insulation against such a major expense.

Every Area Can Be a Flood Zone

Some business owners mistakenly assume that they are safe from the liability of a flood simply because they aren’t located in a geographically designated flood zone. While it’s true that the likelihood of a flood may be lower, that doesn’t mean it’s nonexistent. A flood can strike at any time and in any place, including areas that haven’t been designated a flood zone. It’s up to business owners to protect themselves from this liability by investing in flood insurance.

Government Aid Is Unreliable

You might assume that if a major flood strikes, you won’t need insurance, because FEMA will cover the expenses associated with recovery. While it’s true that FEMA may offer assistance in the event of a major emergency, you shouldn’t count on FEMA as a reliable solution. Government aid often consists of loans that must later be repaid. Qualifying for these loans is often a difficult process, too, with many flood victims finding that they do not meet all of the established criteria.

About Provident Protection Plus

At Provident Protection Plus, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.