Rain or shine, we’ve got you covered.
Flooding is one of the most common natural disasters in the United States.
Every year millions of Americans are devastated by various forms of flooding as a result of hurricanes, heavy precipitation and even snowmelt.
Flood-related damages are no joke. Did you know that just one inch of water in a home can cost more than $25,000 in damages? That’s a lot of dough. Flood insurance can be the difference between recovery and financial disaster.
We know you want to protect the life you’ve built. That’s why we recommend flood insurance for all our clients, even in low-to-moderate risk areas.
What to Cover
The two types of coverage that flood insurance provides are building coverage and contents coverage. Let’s dive into what this means.
Building/Structural Coverage – This means the actual structure and foundation of your home is covered. This also includes electrical and plumbing systems, appliances, carpet, and more.
Personal Property Coverage – Good news- your stuff is covered too! Personal belongings like clothes, furniture, curtains, artwork, and other important possessions are protected.
Private Flood Insurance vs. FEMA
Like most types of insurance, there are options. Traditionally, flood insurance is written and managed by the National Flood Insurance Program (NFIP), which is managed by Federal Emergency Management Agency (FEMA). However, private flood insurance companies have since been stepping up to the plate and offering coverages outside the NFIP’s limits.
The NFIP will cover the structure and personal property (if purchased) of your home, while private flood insurance allows the option to tailor your flood policy to cover more than just your home and furniture. There are pros to each option, but it’s worth keeping in mind that there are some coverages not provided by the NFIP, including:
- Replacement cost for your contents
- Temporary living expense
- Coverage for basement contents
- Pool repair/refill
- Detached structures and more
Not sure which policy to go with? Let Prosper keep your flood damage worries at bay. Our team is here to help you decide which coverage is the best for you and your lifestyle so you can sit back and relax knowing your covered.
Let’s Talk About Myths
There are a few misconceptions out there about flood insurance. Our flood insurance gurus are here to debunk some of those myths.
“I don’t live in a high-risk flood zone; therefore, I don’t need flood insurance.”
While flood insurance is not required, flooding can happen to anyone in any zone. In fact, 20% of all flood claims come from outside high-risk flood areas. Flood insurance can help you rest assured knowing you’re protected during those “when it rains, it pours” moments.
“My homeowners policy covers flood damage.”
Flood is almost never covered on any standard home insurance policy. It’s a separate policy through FEMA or a private flood market.
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