Several million homes in the U.S. stand in high or moderate flood risk areas, yet fewer than half are insured for this risk. Over the past five years, flooding caused tens of billions of dollars in damages, including an average of $59,000 per insured home.
Just one inch of floodwater in a home can cause $25,000 of damage, and flooding is not covered by standard homeowners or renters insurance policies.
These facts can help you better understand the risk you may face from flooding and how to make sure your home is protected:
1. Flooding is the most common natural disaster. Since 2020, there have been an average of 20 major declared flood disasters each year. Many are due to heavy inland rainfall and overflowing rivers as well as coastal storm surges associated with hurricanes. You have a five times greater chance of experiencing flooding in your home than a house fire over a 30-year homeownership period.
2. Flooding can happen almost anywhere. The Federal Emergency Management Agency (FEMA) notes that 99% of counties in the U.S. have experienced a flooding event in the last 20 years. Flash floods and heavy rainfall frequently impact communities far from bodies of water.
3. Flood risk maps may not reflect the real risk. According to FEMA, 40% of flood insurance claims occur outside of high-risk zones on its flood maps. A striking example of this occurred last year in the Asheville, North Carolina area when Hurricane Helene brought heavy rainfall and led to devastating flood damage.
Many parts of that mountainous region are not classified as high-risk flood zones, yet the storm caused significant damage to homes and infrastructure. This event echoed a similar major flood that hit the area more than 100 years ago, demonstrating the importance of reviewing your area’s history to understand your home’s risk.
As the rainy seasons approach, now is the best time to assess your home’s flood risk as there is typically a waiting period before a flood policy becomes effective.
Flood Insurance Coverage For Your Home May Include:
• Your home and its foundation
• Electrical and plumbing systems
• Air conditioning, furnaces, and water heaters
• Kitchen appliances
• Flooring
• Bookcases and cabinets
• Debris removal
Flood Insurance May Also Cover the Following Personal Property:
• Clothing, furniture, and electronic equipment
• Window coverings and window AC units
• Portable microwaves and dishwashers
• Carpets not covered by your building policy
• Dishwasher, washer, dryer, and microwave ovens
• Freezer and food spoilage
• Up to $2,500 in art, jewelry, and furs
Get in touch with a Westwood agent to review your flood insurance options so that you are prepared with adequate protection.
Please Note: This article is for general informational and educational purposes only. It does not represent any specific insurance policy and does not modify any provisions, limitations, or exclusions of any current policy.
