Assessing Flood Risk for Your Home

If your home isn’t located near a lake, river, or the coast, you may not be too worried about the potential for flooding. However, any home is at risk for flooding regardless of where you live. Understanding flood risk lets you be prepared with the right insurance protection since the typical homeowner’s policy won’t cover events that involve flooding.

Flood Insurance Claims

According to the Federal Emergency Management Agency, the risk of experiencing a flood is five times greater than the potential of having a fire in your home. Because of the exclusions in a traditional policy, the experts at ProgramBusiness recommend purchasing separate flood insurance coverage. Flooding is supposed to be included in a seller’s disclosure, giving potential homeowners insight into the potential flood risk of a home, but you need to look at other factors as well when buying a new home.

Flood Risk

Homes that are in a high-risk flood zone have a greater chance of sustaining water damage, but it doesn’t mean it is a guarantee. A property’s flood risk can change over the years, as the environment changes and as time passes without incident. Even homes that are in low or moderate risk zones can be escalated to high-risk over time.

Investing in an insurance policy is one way to reduce the burden of repair or replacement of your home following a flood. You should also do your due diligence to inquire about flooding risks when purchasing a home.