According to the Federal Emergency Management Agency (FEMA), flooding is the nation’s most common natural disaster. Twenty percent of flood claims are filed by people living in moderate- or low-risk areas. Floodwaters have the power to damage not only your home and sense of security, but also your financial future.
While some regions, such as coastal areas, are more flood-prone than others, the unpredictability of climate change exposes all property to some risk. And torrential rainfall isn’t the only culprit. Mudflows, rapid snowmelt during spring and ice jams during winter also cause flooding. Even an inch of water can cause thousands of dollars in damage.
Flood insurance provides the protection you need to cover losses after a flood ravages your property. The cost of premiums vary based on the amount of coverage you need, what’s covered and your property’s flood risk.