Do You Know the Truth Behind These Flood Insurance Myths?

Flood Insurance Murrieta, CA

There are many misconceptions about flood insurance coverage.

The current El Niño conditions are dramatically increasing the chances of floods throughout Southern California. While you may think that you are covered in case of flood damage with your homeowners insurance policy, think again. Only a flood insurance policy can provide the coverage you need. To ensure that you are able to invest in the right flood insurance to meet your needs, don’t believe these common flood insurance myths.

Myth #1: Floods aren’t the number 1 natural disaster that cause large economic losses.

Many people assume that hurricanes are the most dangerous and destructive natural disasters. However, hurricanes only occur in a small portion of the country while floods can happen anywhere. Floods cause more destruction and losses than any other natural disasters.

Myth #2: Everyone in a flood zone is required to buy flood insurance.

Flood insurance is an optional coverage for almost everyone. You are only required to purchase flood insurance if you meet certain criteria, such as living in a community that participates in the National Flood Insurance Program and your home is financed by a federally regulated financial institution.

Myth #3: Flood insurance is expensive.

What you will pay for your flood insurance coverage will depend on many factors, including where you live. If you live in a low-risk area, your coverage will be very affordable. Living in a high-risk area will increase your premiums, but is still relatively affordable. What you will actually end up paying will depend on how much coverage you need.

For all of your flood insurance needs, contact the professionals at CorMarc Insurance Services in Murrieta, California. As an independent insurance agency, we will work with you to ensure you have the right amount of protection, all at the right price to fit your budget.