The Importance of Flood Insurance


Although water damage is one of the most common insurance claims in the U.S., and 90 percent of all natural disasters declared by the President involve some sort of flooding, only 12 percent of U.S. homeowners have flood insurance.Paying insurance premiums is not something any of us likely look forward to. Insurance is meant to protect our valuables and, if we’re lucky, we rarely have to use it. In the event that we do need to use our insurance, it can end up saving you hundreds or even tens of thousands of dollars in the event of a disaster.

Flood insurance is a type of insurance that protects your home and its contents from water damage caused by floods. Although water damage is one of the most common insurance claims in the U.S., and 90 percent of all natural disasters declared by the President involve some sort of flooding, only 12 percent of U.S. homeowners have flood insurance.

One of the reasons so many people do not have flood insurance is because they may not understand what their homeowners insurance covers. Flood insurance is not typically covered by your standard homeowners insurance. That’s why it’s so important to review what is covered each year to make sure you are covered in the areas you need to be.

Flood insurance is a separate type of insurance that has its own cost and coverages. Most flood insurance policies typically cover damages to the following:

  • Foundation
  • Built-in appliances
  • Heating and air conditioning
  • Electrical wiring and plumbing
  • Electronics
  • Furniture
  • Clothing
  • And more, depending on your coverage type

According to the National Hurricane Center, hurricanes cause an average of $5 billion per year, with the average amount of damage being $43,000. Don’t be uninsured when it comes to flooding, especially if you are in an area that may be prone to flooding. Colonial’s insurance affiliate, DuBose & Associates, offers Texas homeowners a number of personal insurance packages. Get a quote today, or give us a call at 817-390-2300 to find out more information.

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