Most Common Flood Insurance Myths

If you’re a homeowner in Westchester or Croton Falls, NY, a flood-prone area, you must be worried about water damage. Of even deeper concern is whether your insurance will cover you for losses caused by floods.

What many homeowners don’t know is that home insurance doesn’t cover damage caused by floods automatically. You’ll have to incur extra costs for your home insurance policy to include flood damage. If you’re taking a mortgage, your lender might make it mandatory to have a flood insurance policy.

However, various myths surround the topic of flood insurance. In this guide, experts at Carminucci Agency take you through these common myths and prove why they are not true.

Only Homeowners Need Flood Insurance

Floods affect everyone in equal measure. It doesn’t matter whether you’re a homeowner or a renter. It also doesn’t matter the kind of house you live in— floods can destroy your space.

Therefore, flood insurance goes beyond homeowners. Renters can purchase it and protect their belongings.

National Flood Insurance Program is for Flood Risk Areas Only

Some people think that only communities under high flood risk areas are covered by NFIP, which is not true. Out of the 23,000 communities under NFIP, some are not in Special Flood Hazard Areas. If your community is not listed, you can raise the issue through your local leaders.

FEMA Can Replace Flood Insurance

Although it’s true FEMA usually compensates people affected by floods, it’s not in all situations. Most of the time, only flooding cases declared as national disasters qualify for compensation from FEMA. You can’t sit back and think that you’re safe without flood insurance.

If you’d like to know more information about flood insurance in Westchester or Croton Falls, NY, get in touch with us at Carminucci Agency. We’ve helped the people of this area understand why they need flood insurance and dispel such myths and misconceptions.