Flood Insurance Myths Revealed!

Flood insurance seems to be one of those tricky policies that homeowners grapple to understand. From recognizing what your homeowners insurance does and does not cover—to better determining your need for a separate, inclusive flood insurance policy—there’s a lot to think about when considering enrolling in a flood coverage program. Exactly why, Dagley Insurance has your answers to some of the most common flood insurance myths—guaranteed to help make the policy process a lot easier for you!

1. Doesn’t my homeowners policy cover flood damage?

No! This is a common misunderstanding that many homeowners fall victim to. Most major insurance companies do not offer flood protection as part of their standard home coverage. The potentially catastrophic risks created by floods are just too costly and have the potential to raise homeowners premiums too high. The National Flood Insurance Program is the leading, more accurate resource in which homeowners can evaluate and address their flood risk.

2. Is my basement covered?

NFIP policies have some coverage for basement elements: cleanup expense and items such as furnaces, water heaters, washers and dryers, air conditioners, freezers, utility connections, and pumps are included. Contents in a finished basement are excluded, as are a basement’s finished walls, floors, and ceilings.

3. I can’t qualify for flood insurance if I’m not in a high-risk flood region, right?

Wrong! Almost everyone in a participating community qualifies for flood coverage and almost every community participates in the program. Remember to set the policy limits to the full value of your structure and buy contents/posessions coverage too.

There are a variety of resources homeowners can turn to for advice, assistance and emergency preparedness tips—one such resource is FEMA the Federal Emergency Management Agency. FEMA houses a wealth of information on how homeowners can proactively prepare their homes and properties, while safeguarding themselves from potential natural disasters. From updating your emergency kit to understanding your community’s evacuation plan there are many ways in which you can ensure that you are ready for the worst.

Interested in learning more about the benefits of a Colorado or Texas flood insurance policy? Contact Dagley Insurance & Financial Services—we’d be happy to answer your questions and help you gain the protection you need, today!

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