Why Is Flood Insurance Important? Posted on June 11, 2020 by socialmedia by Why is Flood Insurance Important? Many homeowners mistakenly believe that flood damage to their homes is covered by their homeowners insurance. While it’s true that homeowners insurance can help pay for repair costs or to replace your home and belongings if they are damaged by certain perils, such as fire or theft, these perils do not include flood damage. Why doesn’t homeowners insurance include flood damage? If flood damage were included in homeowners insurance, insurance companies would not receive sufficient funding from the number of people who are willing to pay for the coverage to actually pay for the flood damage claims. Floods are the most common and most expensive natural disaster, and homeowners are more likely to experience flooding than having a fire. Just one inch of water in a home can cost more than $25,000 in damage. What causes floods and who is affected by them? According to the Emergency Management Institute, no region in the United States is safe from flooding, and all 50 states can experience flash floods. According to FEMA Disaster Assistance, flash floods can bring walls of water from 10 to 20 feet high, and a car can be swept away in just two feet of water. With spring usually comes heavy rains, hence the season is often called “flooding season.” Do you need flood insurance? Per federal regulation, if your house is located in a high-risk flood area, then your lender is legally mandated to require you to have flood insurance. If your home falls in a moderate-to-low-risk area, then you may not be required to get flood insurance, but, depending on the area and how prone it is to flooding, you may want to consider being covered for flooding anyway. If you have any questions about flood insurance or if you need to get it, contact Shorewest Insurance today. https://www.shorewest.com/real-estate-services-insurance Tags: flood insurance Categories: Home Buying, Shorewest Tips Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ Home Property Search Map Search About Me My Listings My Recently Sold My Reviews Videos Contact Me Reset Password Enter the email address for your account and we will email you instructions on how to reset your password Email* Reset My Password × Sign In Email* Password* Sign In Reset Password New to myShorewest? Create an Account First Name* Last Name* Email* Passwords must be at least 8 characters Password* Repeat Password* Create Account × Forgot Your Password? Enter the email address for your account and we will email your password to you. 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Amount of the fees (if any) is dependent on your wireless service plan. × Property Notes History Notes for: 2370 N. 100th St., Wauwatosa, WI 53226 MLS #: 23156413 ADD A NEW NOTE Add Note × Property Notes History × Edit Your Property Price Tracker Tracker for W179051 N907151 County Road 187, Chippewa Falls, WI 53224 Set a Price Tracker for this property by entering your target price below. You can esily view your price trackers from your Price Tracker page. Save Price Tracker Price Tracker History Remove tracker Price Tracker for: $10,200,000 Price Tracker for: 12/21/2015 Days On Market: 62 Days Original List Price: $13,000,000 Current Property Price: $12,200,000 Remove tracker ×