Flood Insurance and the Flooding Risks You Should Know

The value of flood insurance has received greater attention in mainstream media following the extreme weather patterns that contribute to heavy rains, flash flooding, and hurricanes. With so many flood risks to be aware of, you might wonder how to assess the risks that affect your property directly.

Flood Insurance Covers Your Liability

There are a few ways to evaluate the flood risk for your property.

Conduct a Flood Insurance Property Assessment

The property assessment completed when you purchase a flood policy is a comprehensive evaluation of the actual conditions on your property as they relate to the risk of flood damage. Any signs of erosion could indicate high water flow. Water lines and visible markers may reflect drainage issues contributing to flood risks. Furthermore, the property’s elevation can factor into the risk of flooding. Lower elevations are at greater risk and need more comprehensive flood plans because water naturally travels to the lowest point.

Evaluate the Historical Records

Another beneficial tool for flood risk assessment is historical flood records. Those records reflect past flood occurrences as well as the extent and location of the potential damage. It helps you see how great a risk your property faces based on how frequently and severely it flooded in the past. Many of those historical records include floodplain maps and any changes in the landscape resulting from that flooding. Use that information as you pursue your flood insurance policy.

Consider Any Coastal Threats

Coastal properties and those in the general proximity of the coastal regions are at greater risk of flooding than many inland properties because of hurricane threats, tsunamis, and other natural disasters. Flood insurance plans for coastal properties account for those increased risks, especially in areas where some have documented coastal erosion. Areas traditionally in hurricane paths and those with shrinking beaches are serious concerns.

Assess the Nearby Hazards

It is easy to overlook some more practical flood risks because you may need to pay more attention to their severity. Before you seek flood insurance, consider the threats within proximity to your property. Are there any rivers, streams, or lakes near your land? If so, does your property sit downstream where increased water flow could leave you with a river that breaches its banks?

You also need to consider any levees or reservoirs in your area. Remember that water towers, reservoirs, levees, and dams are all manufactured structures. They are vulnerable to failure, and when they fail, they create catastrophic water damage.

Ask Your Flood Insurance Carrier for More Information

Once you understand the flood risk on your property, you can follow up with your insurance carrier for more information about your coverage options, risk factors, and flood zones. They can help you ensure that you have adequate coverage.

Understanding the flood risks that your property faces help you appreciate the importance of flood insurance. Flooding destroys both land and structures, so proactive protection is essential. The right flood insurance and flood mitigation measures can make a difference in protecting your property and your finances.

About Provident Protection Plus

For more than 65 years, Provident Protection Plus has served the businesses and residents across several states nationwide. Today, we are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution. To learn more about our coverage options, contact our specialists today at (888) 990-0526.