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When buying insurance coverage for their home, people often underestimate the damage floods can cause. The fact is, the risk of flooding is very real, and just a few inches of water can cause thousands of dollars in property damage. Damages from flooding are typically not fully covered under your standard homeowners insurance policy - which is why it’s so important to have a flood policy.
Homeowners insurance may have your back against hurricanes or home fires, but if rainfall causes a nearby river to overflow and flood your home, it’s likely not covered under homeowners insurance. This may sound like an unlikely scenario, but in swampy states like Florida it is actually a very real possibility. The Sunshine state is made up of largely flat, low elevation land with a large number of creeks, rivers and springs running through it. Due to the low elevation rain water takes much longer to drain, which can back up sewage systems and cause serious damage to your property.
The Federal Government regulates flood insurance and sets standard rates depending on home value and location, for which they use a Flood Insurance Rate Map. This map contains an in-depth analysis of a community’s elevation, flood patterns and floodplain boundaries. Homeowners can use this map to asses the flood risk for their property. These maps are regularly updated to reflect changes in geography, construction, and past floods. For more information regarding flood coverage, talk to a DSI agent who will happily walk you through the process of adding a policy to protect your home from flooding.