Believing inaccurate myths about flood insurance in Selden NY could cost you a lot of money if your property experiences a flood and you don’t have insurance.
Unfortunately, many homeowners don’t know the truth about flood insurance and are misguided by common myths. We want to make sure you understand the realities of flood damage at XL Brokerage Inc.
The following are four common myths about flood insurance you shouldn’t be fooled by so that your home is adequately protected:
You can’t get flood insurance if you don’t live in a flood-prone area.
It’s important to understand that flooding can happen anywhere. You don’t have to be in a flood zone.
Flood insurance is available in areas that are not flood-prone, and it’s generally much more affordable in these areas. You should therefore weigh your options and find some coverage to protect you.
I don’t need flood insurance because FEMA will cover damages.
When people think about flood damage, the Federal Emergency Management Agency comes to mind.
While FEMA does offer homeowners some compensation for flood damage, FEMA does not cover every flooding event. Also, FEMA typically offers disaster loans rather than giving money outright.
It’s therefore important not to rely entirely on FEMA for coverage.
Flood maps never change over time.
You may be in a flood zone now even if historically you have not been. Flood maps can evolve over time with subtle climate changes.
A homeowner’s insurance policy will provide flood coverage.
A standard policy rarely offers flood coverage. Flood coverage is typically an add-on homeowners have to set up specifically.
If you’d like to learn more about flood insurance that’s available in Selden, NY, contact us at XL Brokerage Inc. to learn more.