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.
If you have renters insurance or homeowners insurance, you probably wonder if getting another coverage is worth it. According to the Federal Emergency Management Agency, flooding is the number one natural hazard in the US. This means that your property faces an increased risk of flooding damage than it does from a fire hazard. To add to this, Asheville Insurance Center expounds on other reasons why you need flood insurance.
Your Homeowners Insurance Does Not Cover Flood Damage
The standard homeowner’s insurance may provide coverage for damage to your property from perils such as fire hazards but will often leave out the damage caused by floods. Due to the varying degrees of risk in the country, flood coverage is different in each state, so consider checking with your Asheville, NC agent on the contents covered by your policy.
Flooding Can Occur Due to several Things
Apart from heavy rains, flooding can occur due to numerous reasons. Weather extremities such as mudslides, spring thaws, and hurricanes have been found to lead to flooding, meaning damage to your property can occur at any time. In addition to these, damaged drainage systems and inadequate levees and dams are other events that can cause harm to your assets. Rather than wait for any to occur, make it a point to get proper flood coverage.
A Few Inches of Water Can Cause Enormous Damage
Flooding disasters do not always require significant water accumulation. One inch of water is enough to cause damage to home valuables such as furniture and electronic equipment, with replacement costs likely to stack up into serious expenses. In unexpected weather catastrophes, vehicles and buildings will also face added damage, resulting in unimaginable destruction. So, why wait for these hazards to wreak havoc in your home?
Reach out to Asheville Insurance Center today for more details on flood coverage. Our Asheville, NC agents will guide you through your preferred options, keeping you protected from flood damage.
Owning a home in Asheville, NC can be a great long-term financial decision. If you are going to buy a home in this area, you need to ensure that you are correctly protecting it with insurance. One of the best ways that you can do this is by getting flood insurance. There are a variety of benefits that you can receive when you get flood insurance on your Asheville, NC home.
Protects your Home Against Flood Damage
The main benefit of getting flood insurance on your Asheville home is that it will protect your property against flood damage. A big flood or other bad storms can cause a lot of damage to your property, and the only way that you can protect against this in some areas is by getting flood insurance. When you get this insurance, it will provide you with protection if your home is damaged by water or during a flood.
Makes sure that you are Compliant
While you will want to protect your home with flood insurance, having this coverage is also a good idea as it will ensure that you comply with the requirements set forth by a lender. In some situations, a bank or a lender will ask that you have a flood insurance policy if you are in a region considered high-risk. This will prevent further penalties and issues that can arise due to a lack of insurance.
Ultimately, having flood insurance on your property is very important. When you need flood insurance for your home, you should call the team at the Asheville Insurance Center. The insurance team at the Asheville Insurance Center can help you with all of your flood insurance needs. Our policies will ensure that your home is adequately covered and that you comply with all possible requirements that you have.