Floods are one of the most devastating natural disasters on Earth. Because they are so devastating, standard homeowner’s insurance policies often don’t cover them. Instead, you may need to take out a flood insurance policy. Otherwise, you and your family could be left on the hook for all the damages. Contact Asheville Insurance Center, serving the greater Asheville, NC area, to discuss coverage options.
Let’s take a quick look at floods so that you better understand the damage they can incur and why it’s wise to have a flood insurance policy in place.
A Look at Modern Floods
There have been many significant floods throughout American history. As severe as flooding can be in the United States, many countries have suffered far more catastrophic events. For example, the 1975 Banqiao Dam flood in China claimed hundreds of thousands of lives.
In 1927, the Great Mississippi Flood claimed five hundred or more lives, making it one of the deadliest floods in American history. The flood caused at least a billion dollars in damages, which is a lot of money in today’s terms. Back then, the real costs were much, much higher. Costs associated with the Great Mississippi Flood totaled about a third of the entire federal budget. Today, the federal budget exceeds four trillion, meaning if costs were scaled up to today, the flood caused more than a trillion dollars worth of damage.
More recently, the Great Flood of 1993 claimed more than 30 lives. In terms of damages, it costs about $27 billion in today’s dollars. The flood raged for months, starting in April and not fully residing until November. Large swaths of the United States concentrated near the Mississippi River, were impacted.
Floods can impact the Asheville, NC area, so if you’d like to discuss coverage, contact the Asheville Insurance Center.