5 Myths About Flood Insurance

Home Financing
Flood water inside home

Floods are the most common natural disasters in the United States. You can protect your home and your belongings from losses caused by water damage from heavy rain, melting snow, coastal storms, and other natural catastrophes when you carry supplemental flood insurance. Available for all residential and commercial properties, flood insurance takes care of anything that might fall outside of the basic hazard coverage included in your homeowner’s policy.
Just one inch of floodwater can cause up to $25,000 in damage. Learn more about the 5 most common myths about flood insurance:

Myth: You’re not eligible for flood insurance if you live outside of a mapped flood zone.

Fact: Flooding can happen anywhere, at any time. Consider the number of floods or hurricane that have affected the Hudson Valley in the last two years. There were 21 named storms in the 2021 Atlantic hurricane season, with Ida alone exposing hundreds of residents to potential flooding and damage.

Myth: I don’t live in a high-risk zone, so there’s no need for me to have flood insurance.

Fact: Unprecedented natural events are on the rise globally and anyone can be vulnerable to floods. It may be worth it to carry flood insurance especially since it is quite affordable when you don’t live in a high-risk area.

Myth: My homeowner’s policy covers flooding.

Fact: Many homeowners find out too late that their policy does not protect them against a flood loss. A flood can damage your home and your personal belongings and the cost to repair those damages will come out of your pocket if you’re not protected by a flood insurance policy.

Myth: The landlord will cover me if there’s a flood.

Fact: A landlord’s main priority is their building. While they may have flood insurance for their commercial property, it wouldn’t cover you and your belongings as a renter.

Myth: Federal disaster assistance will pay for flood damage.

Fact: To receive federal assistance, the area must be zoned and designated as a federal disaster area. According to FEMA, this happens in less than 50% of flooding incidents and the main form of federal assistance for disaster zones are loans that must be repaid with interest.

Your home is a safe haven. We can help safeguard your home and everything in it by ensuring you have the right coverage for you and your family. Speak to a licensed insurance agent about flood insurance today.

Important Legal Disclosures & Information

Insurance products offered through InsureOne Insurance Services America, LLC and its affiliated companies identified on https://www.insureone.com/affiliate-disclosure/. Insurance products: 1) are not NCUSIF insured; 2) are not obligations of or guaranteed by the Credit Union or any affiliated entities; 3) involve investment risk, including possible loss of value. Insurance products not available in all states. Actual policy premium may vary based on driving records, garaging address, vehicle type, insurance coverage selected, and other underwriting factors. Other rates, service fees, restrictions, and charges may apply.

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