In our last blog, we talked about a lot of recent floods that have caused catastrophic damage. If you do not have insurance when and if this happens to you, you could be looking at a huge restoration bill. Many people do not know the facts when it comes to flood insurance. So with the help of FEMA, we would like to set you straight by giving you the truth when it comes to flood insurance myths.
Myth: People who live in high risk areas cannot get flood insurance.
Fact: Any homeowner who lives in a community that participates in NFIP is eligible for flood insurance. This means that whether you live on a floodplain or on a hill, you can purchase flood insurance and insure your home for up to $250,000 and its contents up to $100,000.
Myth: You can’t buy flood insurance right before or after a flood.
Fact:It doesn’t matter when you buy flood insurance. There is, however, a 30-day waiting period once you apply and you have to pay the premium before the policy can take effect. So if your weatherperson is saying that your community is in for an abnormally wet season, you should look into flood insurance.
Myth: Renters cannot get flood insurance.
Fact:Flood insurance is not only available to those who own their home. Renters are also able to purchase a plan that will cover the contents of home up to $100,000 in damages.
There are more myths that we would like to discuss, so make sure that you check back soon to see more.