Why You Need Separate Flood Insurance

A common misconception is that floods are covered under regular home insurance policies. This isn’t true, and you need a separate policy that will cover flood damage. Even if you don’t think you could suffer damage from a flood, there could still be reasons why it’s a good idea to get flood insurance in Hilton Head Island, SC.

The risk extends past the floodplain. Even if you don’t live in a floodplain, there could still be a risk. If you do live in a high-risk flood area, your lender may require that you have flood insurance and it must be a separate policy. It’s a common misconception that only floods can happen in a zone that is mapped. According to FEMA, more than 20% of flood claims are from properties that are outside the high-risk flood zones. Many times, homeowners think they will be covered because there are federal disaster funds available. These funds are usually low-interest loans, so you have to pay back the money over time. If you are required to have flood insurance due to your high-risk status, and you don’t have a separate policy, you could be ineligible even to receive any disaster aid.

When purchasing flood insurance, you need to remember that you can’t wait until the weather turns bad. Flood coverage has to be in effect for a 30-day period before you can file a claim. Many find out when it’s too late that their home insurance won’t cover flood damage. There is coverage offered through the National Flood Insurance Program, and there is also private coverage available, so working with an agent at Premier Insurance Advisors to find the right amount of coverage is important.

Contact Premier Insurance Advisors, serving Hilton Head Island, SC, to get a quote for flood insurance and to learn more about your risks for flooding.