Flood Insurance: A Climate-Induced Necessity
We need not look further than our TV screens to see the extend of damage that a flood can cost.
Hurricanes Harvey, Irma, and Jose caused significant damage to certain parts of the country just recently. It took lives, displaced families, and destroyed properties.
Those who didn’t expect to be flooded because they were not designated to be located in flood-prone areas are buried in muck and rainwater, their possessions all damaged beyond repair. This direct assault of nature due to the shifting of global temperatures is direct proof that you don’t have to be near a body of water or in a flood-prone zone to be victims of flood.
So the question is: are you properly protected?
It’s futile to argue if climate change is real or not. We have the facts right in front of our noses and it’s just plain naïveté and reckless to keep ignoring reality just because a certain conspiracy page on YouTube told us otherwise.
What happened to Irma and Harvey’s victims can happen to you and the sooner you take action, the better you and your family will be when you need them.
Get your own flood insurance policy!
The truth is, you don’t really need the water to cover the first floor of your home to cause a significant damage to your belongings and properties.
Even an inch of flood water can ruin your flooring, damage some of your appliances, and cause a load of inconvenience. And you will be surprised how costly that inch of water can be.
If you don’t have the money to cover for the repairs, the government can only lend you money, which you will have to pay back with interest, and in full over time.
That is additional cost, on top of paying for your daily expenses, your car loans, and your mortgage. Who would want that?
Even more unfortunate is the fact that your homeowners insurance may not include flood damage coverage. In this case, you will have to purchase a separate policy for flood insurance.
Learn about the National Flood Insurance Program (NFIP)
To be able to get flood insurance, your community must collectively decide to participate in the National Flood Insurance Program (NFIP), a program created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968.
The NFIP’s Flood insurance policies cover physical damage to your property and possessions from floods or flood-related losses due to rising water in high risk areas.
Through the program, you can recover up to $250,000 of your home’s value, $100,000 for its contents, $500,000 for commercial structures.
A flood insurance coverage pays for damage to your floors, carpeting, walls, water heater, furnace, air conditioner, and building structure.
Flood insurance for businesses, condos, and homes
Different policies can be purchased depending on the property being insured. For structures that carry mortgages financed by the federal government, a flood insurance is a must.
A flood insurance gives you the financial security and peace of mind, knowing that you are adequately protected when calamity strikes.
Talk with your community representatives and see if they would want to consider the option.