The Power of Flood Insurance

The Power of Flood Insurance

Filling the Gaps

In every sense of the word, water is awesome. A powerful force of nature, it can both preserve and threaten in one fell swoop. And whether it’s too much or not enough, we suffer.

In this season of thawing, melting and rain, the pendulum swings way past ‘enough,’ into the depths of ‘too much.’ Mass quantities of rain melt snow, overwhelming rivers and creeks. Inundated buildings sustain damage to roofs, basements, and foundations. And let’s not forget recent memories of flooding caused by frozen, burst pipes. Regardless of where we live or do business, water threatens to destroy valuable property. It truly is a force to be reckoned with—and respected. But realistically, what can we do to protect ourselves, our families, our businesses?

Here’s the short answer: Flood insurance. Above and beyond homeowner’s or renter’s coverage, flood insurance specifically protects against the risk of damage from flood waters—it fills in the gap. Actually, it’s more like a gaping hole. According to the National Flood Insurance Program (NFIP), “Just a few inches of water from a flood can cause tens of thousands of dollars in damage.” In fact, from “2008 to 2012, the average residential flood claim amounted to more than $38,000.” Commercial insurance claims were more than double, at an incredible $87,000 on average. Can you even imagine footing that bill on your own? It’s no wonder that 25% or more of affected business are forced to close after a flood. We can’t afford to be naïve about this. In the U.S., flooding is the most expensive weather-related factor when it comes to property damage. And since a flood can roll in literally overnight, it’s essential to plan in advance.

Flooding can happen anytime, anywhere, to anyone—No one’s in the clear. So here’s a word to the wise: Look into flood insurance now, before the onslaught begins. With a 30-day wait time from sign-up to coverage, this admonition couldn’t be more timely. And since it’s National Flood Safety Awareness Week, resources are spilling over, and information is at an all-time high—there’s a lot to learn! So check out your options, and check in with a professional. Jot down your questions, talk to an expert, and get the answers you need to find your best protection.

Let’s help each other out, too. The National Oceanic and Atmospheric Administration (NOAA) encourages everyone to “Be a Force of Nature” during this flood season. It’s one more way we can work as a community to be alert and aware.

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