The Importance of Flood Insurance During Hurricane Season 

As the hurricane season approaches, homeowners in vulnerable areas must consider the significant risks these severe storms pose.

Even the most well-maintained and fortified properties may not be able to stand up to the torrential rainfall and excess floodwater brought by hurricanes, making suitable insurance a potentially critical investment.

Understanding Flood Insurance

Flood insurance is a specific type of insurance coverage that can financially protect your property from damage caused by flooding.

It should be noted that standard homeowners insurance policies do not typically include external floodwater entering a home as a covered peril. As such, understanding and securing this additional coverage may be paramount.

Why is it Important?

Since flood insurance is not typically included in standard homeowners or renters insurance policies, residents should strongly consider augmenting their coverage. Having appropriate coverage may be particularly crucial during hurricane season for the following reasons:

• Risk management—Hurricanes often bring heavy rainfall and storm surges, potentially overflowing bodies of water and damaging levees. These conditions can easily lead to severe flooding. Even areas not directly hit by a hurricane can experience significant flood damage due to these factors.
• Financial security—The cost of repairing flood damage can be astronomical. Homeowners may have to bear these costs out of pocket without flood insurance. This type of insurance can provide financial protection by covering the cost of repairs or replacement of damaged property.
• Compliance—In certain high-risk flood areas, mortgage lenders may require homeowners to have flood insurance. Additionally, homeowners who have previously received aid through the Federal Emergency Management Agency must retain coverage if they hope to be eligible for future assistance. Even discounting certain mandates, this type of insurance should be a top priority for anyone living in an area prone to hurricanes.

Responsible parties should also ensure they assess and address their flood insurance needs well in advance of hurricane season. Many insurance companies may impose waiting periods on coverage (typically 30 days), meaning that if a policyholder waits until a storm is on the horizon, they may not be covered for resulting losses.

How Much Does Flood Insurance Cost?

Flood insurance rates can vary significantly depending on your circumstances and your property. When searching for flood insurance quotes, expect to have the following criteria considered:

• Location
• Type of property (e.g., house or apartment)
• Historical flood patterns
• Structural details (e.g., age, building materials used and number of floors)
• Property value
• Lot details (e.g., proximity to bodies of water and topography)
• Coverage limits
• Deductibles

Learn More

At Williams Finance and Insurance, we’ve proudly served families, individuals and businesses in the Lancaster and Kershaw areas for over 50 years. Our dedicated staff will apply its extensive knowledge and experience to help you understand your flood insurance options and secure appropriate coverage at ideal rates.

Visit our website or call one of our offices today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.