Every year around this time it seems as though a hurricane or tropical storm sweeps the gulf coast leaving nothing behind but damaged homes, distraught citizens, and flooded towns.? Even though we in the Massachusetts area do not usually feel the direct destruction that these storms cause, we definitely feel the aftermath in the form of rain and flooding.? With Hurricane Isaac just?recently?passing through?the Northeast portion of the United States, we are here to remind you to get protected with flood insurance before it is too late.
Courtesy of ABC News, the top 4 myths regarding flood insurance are profiled.? Make sure not to get fooled with these this hurricane season.
- ?Myth: The type of natural disaster doesn?t matter.
- Fact: Check your specific policy coverage before going out and buying extras that you might not need. ?For example, damage from a windstorm or hail and lightning are usually covered in most homeowners? policies whereas damage from earthquakes or volcanic eruptions is not.? Don?t be fooled, either, you can get flood insurance nationwide, whether you live in a floodplain/high-risk area or not.
- ?Myth: You can?t get flood insurance if your property hasn?t been flooded before.
- Fact: It is smart to protect your assets from the possibility of flooding.? The
refore, check to make sure that your insurance provider does have policy coverage available for purchase BEFORE a storm is predicted to hit.? If they do not, it is possible to obtain some from the federal government. - ?Myth: You can only buy flood insurance if your mortgage broker requires it.
- Fact: If your home is located in a high-risk flood zone, most mortgage companies will require you to obtain flood insurance in order to be approved for a loan.? Also, if you have received federal disaster assistance after a flood, you would be required to get insurance for
this as well.? However, even if you do not fall under these two scenarios, there is no saying that you cannot purchase insurance.? It?s better to be safe than sorry! - ?Myth: You can?t get flood insurance if you live in a low-to-moderate flood-risk area at a lower cost.
- Fact: Due to the fact that homeowners? insurance is based on the cost to rebuild rather than the current market value of a home, you should make sure they have coverage for replacement costs versus actual cash value.? This may help to alleviate the cost of acquiring flood insurance coverage depending on the size and age of your home.
Source: http://www.candsinsuranceblog.com/?p=1052
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