What you need to know about your Phoenix, AZ flood insurance coverage.
Heavy rains may be the answer to the current drought in much of the country, but they could lead to another serious issue – floods. Even though your home insurance policy will provide protection from many perils, it will not provide any coverage for damage that is done during a flood. You will need a flood insurance policy to do that. Make sure you know the truth behind these common flood insurance myths to help keep your house and personal belongings properly protected.
- Hurricanes cause more damage than floods – many people tend to think that hurricanes can be much more destructive than floods because they dominate the headlines when they reach land. However, floods occur in almost every part of the country and cause more losses than any other natural disaster.
- Flood insurance is very expensive – how much you will pay for your flood insurance policy depends on the value of your home, the value of your belongings, where you home is located, and many other factors. The higher the risk that you will experience a flood, the more expensive your flood insurance will be, but is still relatively affordable.
- Only people who live in a beach house need flood insurance – in reality, many homes that are on the beach cannot qualify for flood insurance through the National Flood Insurance Program due to a ban by the Coastal Barrier Resources Act, so beachfront homeowners need to rely on flood insurance. That does not mean they are the only ones who need coverage. Floods can happen in any area of the country, making it a necessary coverage for every homeowner.