Do I Need Flood Insurance?

Floods are actually the most common natural disaster in the United States. At Calhoun Risk Management in Minneapolis, MN, we offer flood insurance so you can protect your investment.

What About My Homeowners Policy?

You may assume your homeowner’s policy will protect you from natural disasters, including floods. However, most homeowner’s policies do not cover floods. Even if you have regular homeowners or renters insurance, flood coverage is still a good idea.

Am I Required to Have Flood Insurance?

If you have a mortgage, your lender may require you to have a flood policy. This is often the case if you live in a high flood risk area. Some lenders may require flood insurance even if you live in a low flood risk area. 

Do I Really Need Flood Insurance?

A flood can happen anywhere, at any time. People often assume if they don’t live near a body of water, they aren’t at risk for flooding. However, spring thaws, heavy rains, storms, and hurricanes can all cause flooding. Floods are unpredictable and often unexpected. 

You should also keep in mind that a little water can do a lot of damage. According to FEMA, one inch of water can cause thousands of dollars worth of damage.

Why It’s Worth It

Your risk of flooding in these areas is much higher than most people realize. In fact, 20% of flood insurance claims come from homes in low to moderate risk areas. This means that one out of every five homes damaged by flooding is in an area where flooding is not an expected risk.

Flood insurance for low to moderate risk areas is relatively inexpensive. It is well worth the cost of a flood insurance policy for your peace of mind. 

Protect yourself from the potential financial damage that floods can bring. Contact Calhoun Risk Management in Minneapolis, MN today.