According to Federal Emergency Management Agency officials, some people do not buy flood insurance because they don’t understand how the insurance works. Buying flood insurance can provide protection and peace of mind.
Here are some common myths and facts about the National Flood Insurance Program.
MYTH: My homeowner’s insurance will cover me for flood damage.
FACT: Homeowners’ insurance does not cover flood damage. You need a separate flood insurance policy. Federal flood insurance, purchased through your insurance agent or company, is the only guaranteed flood insurance available.
MYTH: Flood insurance is only available to homeowners.
FACT: Renters can also purchase policies to cover personal property. Business owners can get coverage for buildings and their contents, including equipment.
MYTH: I can’t buy flood insurance because my home has been flooded before.
FACT: It doesn’t matter if your home has been flooded before. As long as your community participates in the National Flood Insurance Program, you can buy flood insurance.
MYTH: I can get federal disaster aid if my home has flood damage. I don’t need to buy flood insurance.
FACT: FEMA disaster assistance is only available after a Presidential disaster declaration that includes the county in which you live. You may have flood damage but your county might not be designated for federal disaster aid. Flood insurance policies pay claims whether or not a disaster is declared.
For more information talk to a professional insurance agent to find out how to prepare for a flood, assess your risk, and estimate the cost of flood insurance premiums.
NOTE: The answers to coverage questions are primarily based on ISO forms generally used in Florida by most companies. However, please keep in mind that all companies’ forms are NOT necessarily the same. Some companies may provide broader coverage and some may be more restrictive.
IN ALL CASES, THE CONSUMER MUST REFER TO HIS OR HER OWN POLICY FOR SPECIFIC COVERAGE INFORMATION.
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