Can you afford to pay out of pocket to fix damages or replace your home if it floods?

# Floording

# Insurance

# Iii.org

A suggested post to help your community financially protect themselves with flood and comprehensive insurance - Update 8/8/24

Joseph Porcelli

🌊 Flooding is the most common natural disaster in the U.S. — and most homeowners aren't covered when it hits.

Only 4% of homeowners have flood insurance. Just one inch of floodwater can cause $25,000 in damage. The average FEMA disaster grant is around $5,000. The average flood insurance claim is around $30,000 — and unlike a grant, insurance doesn't require you to prove catastrophic loss to collect.

If flooding hit your home tomorrow, could you cover the gap?

A few things worth knowing before you call your agent:

→ Standard homeowners, condo, and renters insurance does not cover flooding. It has to be purchased separately. → Flood insurance covers water entering your home from outside — overflowing rivers, lakes, storm surge. Even if your area has never flooded before, you may still be at risk. → Sewer backup is separate from flood insurance. If you have a basement, ask about this specifically. → Comprehensive auto insurance covers flood damage to your vehicle. If you only carry liability, your car isn't protected. → Flood insurance typically takes 30 days to take effect. Don't wait until a storm is in the forecast.

Coverage is available through the National Flood Insurance Program or private insurers. Start by reviewing your current policies with your agent and asking what isn't covered.

For more guidance visit the Insurance Information Institute: https://www.iii.org

Have you reviewed your flood coverage recently? Share in the comments — you might prompt a neighbor to make a call that saves them thousands. 👇

🔍 Search "flood insurance" in the Nextdoor search bar to see what neighbors in your area are saying about coverage and local flood risk.

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