Insure for Natural Disasters While You Can

natural-disaster-insurancePossibly it is simply out of a state of denial, but a lot of homeowners do not believe that natural disasters will ever affect them. However, after Hurricane Sandy happened some time ago, it has become apparent that even low-risk areas can be hurt by crude Mother Nature, so preparing is vital.

For the people that already had wind and flood insurance, it was not such a major problem; but to the unlucky ones that were too stubborn to pay the extra money for precaution, it was a devastating blow.

So, seeing that more disasters are inevitable, let’s look at some common myths about flood insurance.

The first myth is that you must live in a flood plain. Anyone can get flood insurance, even if they are in low-risk areas. These low-risk areas are actually cheaper as well, so it could be beneficial to be safe and get it while you can; seeing as it takes around 30 days to kick in. However, even if you can get it anywhere, there are some areas that are required to get flood insurance.

Flood insurance covers everything. This is not necessarily true seeing as federal flood insurance policies top out at $250,000, so if your house is $400,000, then you still can only recover $250,000 worth.

My homeowner’s insurance covers floods. This is the part that really messes people up. They think that their basic homeowner policy can cover floods or their umbrella policies will, but they are quite wrong.

All water damage is the same. There is a good bit a difference between water damages. A situation where a roof blows off and rain comes in is different than a lake overflowing and flooding the house. The same goes for the backing up of water in the house due to a pump or other forms of water backing up in your house.

Flood plains remain the same. This is something that needs to be checked, because flood plains evolve and change frequently. A home that was bought away from a flood plain a few years ago can now be considered in one.

You can’t get flood insurance if your property has previously been flooded. If your property was flood by a hurricane and you did not have insurance, then buying it now will not help the current damage. However, you are still able to purchase it for next time.

About Brian Hendricks

Brian Hendricks is the President of Fidelity Insurance Group. Brian started Fidelity in 2003 with 0 clients. Today Fidelity Insurance Group is a Premier Independent Insurance Agency in Florida with over 3,000 families and businesses insured. Brian currently serves on advisory boards for 2 of the largest property insurance companies in Florida. Knowlege, Integrity, and Committment are his and his agency's guiding principles.
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