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How to Determine Whether or Not to Buy Flood Insurance

If you live in a high-risk flood zone you have no choice. You must buy flood insurance. If you are one of the millions of people who live in moderate to low risk zones then the decision on whether or not to purchase flood insurance is up to you. So, how do you determine whether or not you need flood insurance if you do not live in a high-risk flood zone area? Here are some questions to ask yourself that may help you make the determination on whether or not you should buy flood insurance.

 

  • Does your lender require it? As we have already said, for some homeowners the decision on whether or not to purchase flood insurance is not optional. Flood insurance is not covered
  • under a standard homeowner’s policy so you will have to purchase special coverage if you are in a high risk zone.
  • Do you live in an area affected by wildfires? Areas of the country affected by wildfires can quickly become floodplains due to the large amounts of water it takes to extinguish this type of fire.
  • Do you live where the ground freezes? Spring rain can saturate the ground, freeze and then cause havoc as it melts. This melting process can cause flooding.
  • What are your financial resources? According to experts, the average flood insurance claim is $30,000. Since most people do not have the financial resources to absorb such a cost, flood insurance may be one good option.
  • Does your neighbor have an above ground pool? In the event that your neighbor’s above ground pool collapses, flood insurance should have you covered.

In short, we cannot say whether or not you should buy flood insurance but we should remind you that flooding occurs all year round. There is no flood season in that sense. Also, you should know that 20% of flood insurance claims come from low to moderate risk flood zones. At Conejo Restoration we work directly with your insurance company in the event that your home does experience flooding. We support the claims process by inspecting and assessing the damage caused by floods and by providing your insurance provider with a good faith quote. This paves the way for water damage repair to begin. Our water extraction carpet cleaning is just one way we help to mitigate the damage caused by flooding.

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