What homeowners (and renters) need to know about flood damage

snow melting from roof

Depending on where you live, when you think of a natural disaster that could cause serious damage to your home, you probably think of tornados, hurricanes or fires … but did floods ever cross your mind?

Believe it or not, floods are one of the most common natural disasters impacting 98% of U.S. counties, according to the Federal Emergency Management Agency (FEMA). What’s even more surprising? Most homeowners insurance policies don’t cover flood damage.

The cause of flooding varies – heavy rainfall, snow melt, dam failure and more – but the effect can be universally devastating. By FEMA estimates, just an inch of water can cause $26,807 in structure and property losses in a one-story, 2,500-square-foot home. And only 12% of homeowners have a flood insurance policy, which means the majority of flood victims have to cover flood damage expenses out of their own pockets or depend on government programs.

Ready for some good news? Flood insurance is available through the federal government’s National Flood Insurance Program to cover flood losses such as structural damage, flooring replacement, flood debris cleanup and replacement of contents. And the average flood claim payout is $43,000.

Watch this short but informative video to learn more about the value of having flood insurance – which has an average cost of less than $400 per year.

If you’d like information on getting a National Flood Insurance Program policy, your Horace Mann representative can help you.

WBTL-0728 (Feb. 19)

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