It’s no secret that flooding can cause a lot of damage. It’s one of the most common natural disasters in the United States and the Caribbean. Floods can occur anywhere, but it’s more likely to happen in areas that are prone to hurricanes or other severe weather events. Thus, you may be living in an area that is prone to floods, but you are wondering if you need insurance against this type of disaster. We’re here to help you answer the question, “how do I know if I need flood insurance?” Neptune Flood discusses seven reasons why flood insurance is necessary.
7 Reasons Why You Need Flood Insurance
If you are uncertain about whether you need this insurance, consider the following reasons why it may be a good idea to have this type of coverage:
1. You Live in Flood Prone Areas
If you live in an area that is prone to floods, then you are at a higher risk of experiencing this type of natural disaster. If your home is in a flood zone, there is a 26% chance that it will experience floods throughout a 30-year mortgage.
While you may think that your homeowner’s insurance will cover flood damage, this is not always the case. Most standard homeowners’ insurance policies exclude coverage for floods. So, if you want to be protected against this type of disaster, you will need to purchase separate insurance for floods.
2. Desire to Stay Financially Afloat After a Disaster
If your home is damaged or destroyed by a flood, you will likely need to spend a lot of money to repair or replace it. And, if you don’t have insurance, you will be responsible for paying for these repairs out of your pocket.
Neptune Flood can help you financially recover after a disaster by reimbursing you for the cost of repairs and replacement. This type of coverage can also help if you need to temporarily relocate while your home is being repaired. So, if you want to avoid financial ruin in the event of a flood, then purchasing insurance is a good idea.
3. Have a Lawsuit Protection
If you live in a flood-prone area and your home is damaged by a flood, you could be sued by your neighbors or the government. If it is determined that your negligence contributed to the flooding, you may be held liable for damages.
For example, if you have a damaged roof and it causes water to seep into your neighbor’s home during a rainstorm, they could sue you. Or, if your home is in a Special Flood Hazard Area that is prohibited and it floods, the government could take legal action against you.
Having insurance can help protect you from lawsuits by providing liability coverage. So, if you are sued after your home floods, your insurance policy will help pay for legal expenses and any damages that you are ordered to pay.
4. Take Advantage of Loss of Use
Sometimes, your home may be habitable after a flood. But, if it is determined to be uninhabitable, you will need to find somewhere else to live while repairs are being made. If you have insurance, you will be reimbursed for your additional living expenses, such as hotel bills and restaurant meals.
This benefit can help ease the financial burden of having to relocate while your home is being repaired. So, if you want to be compensated for your additional living expenses after a flood, then you need to purchase insurance.
5. Safeguard Your Equity
Your home is probably your most valuable asset. Unfortunately, if it is damaged or destroyed by a flood, it will lose a significant amount of its value. If you have insurance and your home is damaged, the insurance company will pay to repair or replace it. This will help you maintain the value of your home and safeguard your equity.
Without insurance, you will be responsible for paying for repairs out of your pocket. Moreover, if you can’t afford to do this, then you may be forced to sell your home at a loss. So, if you want to protect your investment and maintain the value of your home, then purchasing insurance for floods is a good idea.
6. Offer Satisfaction to Your Mortgage Lender
If you have a mortgage on your home, your lender will require you to purchase the insurance if your home is in a high-risk area. This is because lenders want to make sure that their investment is protected in the event of a flood.
If you don’t have insurance and your home floods, the lender will likely force you to sell it to recoup their investment. So, if you want to keep your home after a flood and avoid having to sell it, then you need to purchase insurance and satisfy your mortgage lender.
7. Have Detached Structures Protection
Your insurance policy will not only cover your home, but it will also cover detached structures on your property, such as a garage, doghouse, shed, and many more. If these structures are damaged or destroyed by a flood, your insurance policy will help pay for repairs or replacement. So, if you want to protect all the structures on your property, you need to purchase this insurance.
Where to Get Flood Insurance
If you are looking for the best insurance policy to protect your home, look no further than Neptune Flood. Neptune prides itself for:
1. High Quality of Service
Neptune has a team of highly experienced and qualified insurance agents who are always ready to serve you. We will help you choose the best policy for your needs and budget. In addition, Neptune will be there to help you through the claims process if your home is ever damaged by a flood. Thus, you can rest assured that you are in good hands with Neptune Flood.
2. Affordable Rates
Neptune offers some of the most competitive rates in the industry. We understand that not everyone can afford to pay high premiums, so we work hard to keep their rates affordable.
3. Comprehensive Insurance Coverages
Neptune offers a variety of insurance coverages to protect your home from flood damage. We offer both standard and optional coverages, so you can tailor your policy to meet your needs. In addition, we also have higher limits of coverage than most other insurers. So, if you are looking for comprehensive protection, Neptune is the right choice.
4. Licensed Insurance Agents
All the insurance agents at Neptune are licensed and qualified to help you. We have years of experience in the industry and are always ready to answer your questions. In addition, Neptune’s team of experts is familiar with all the different coverages offered by Neptune. So, if you need help choosing the right policy for your needs, we will be more than happy to assist you.
5. Great Reputation
Neptune has a great reputation in the industry. We have been providing quality insurance coverage to their clients for many years. In addition, Neptune has an A+ rating from the Better Business Bureau. So, you can rest assured that you are getting quality coverage from a reputable company when you choose Neptune Flood.
Flooding can cause a lot of damage to your home and possessions. If you live in an area that is prone to floods, it’s important to have insurance that will help you rebuild and recover if disaster does strike. Contact Neptune Flood today for more information about our flood insurance policies and how we can help protect your home and belongings from the damages of a flood.