As much as flood insurance is common, it should be noted that water damage is one of the worst that can happen to any property owner, financially. Unfortunately, some myths work against homeowners in assessing their actual worth. Anyone who resides in places such as Clearwater, St. Petersburg, or any area within the Tampa Bay region must endeavor to escape the frivolous from reality. To help real estate professionals provide their clients with a fundamental understanding of the need to purchase flood insurance, it is necessary to expose five misconceptions on this subject.
Myth 1: Flood damage is also catered for by homeowners insurance.
A flood is another product often mistaken for a general homeowners insurance policy that is not the case. It becomes important to note that most homeowners’ policies exclude coverage for flood-related losses. Flood insurance is an entirely different policy to protect against loss due to increased water levels, and you do not have to pay for damages out of pocket after a storm or hurricane. Whether you have a house in Clearwater, buying separate flood insurance in Clearwater to protect you from losses is worthwhile.
Myth 2: One common mistake I see people make is they don’t need flood insurance unless they live in a flood zone.
Another common myth is that only persons residing in Special Flood Hazard Areas require flood insurance. But flooding can occur in any location—and 25% of flood losses occur in areas with moderate to low flood risk. If you are a resident of the Tampa Bay region, the availability of water bodies around the region means that flood insurance Tampa Bay Area is advisable, no matter the flood zone.
Myth 3: Actions To Take Under The Federal Coastal Barrier Resources System
Most homeowners wrongly think FEMA funds will cover their expenses after a flood. Disaster relief programs can, on some occasions, offer assistance, but this aid is minimal; the assistance is usually given in the form of concessional loans, which have to be repaid. On the other hand, flood insurance comes with fully prepared insurance on your property and items while protecting you without the repayment hassle.
Myth 4: Flood Insurance Is Expensive
Huge and frequent losses of investments lead many property owners to consider flood insurance unaffordable or unnecessary. However, the flood insurance premium depends upon certain factors, such as your geographic location, the property’s height, and the maximum amounts you can claim on the policy. For Clearwater and St. Petersburg, residents would be interested to learn that premiums for flood insurance may not be as costly as they expect after all if compared to the potential costs of making repairs after a flood. You should visit an insurance agent and get a not-costly policy.
Myth 5: Flood Insurance Starts Today
Some policyholders take it for granted when they acquire a flood policy; flooding insurance coverage commences. In fact, the average policy usually comes with a waiting period of 30 days for the policy to take effect. This means you cannot wait for the storm or rain to be around the corner before getting a policy. Preparedness is important, and more importantly, those living in the Tampa Bay Region must start preparing themselves and their homes for a flood event.
Conclusion
Flood insurance in St. Petersburg is one of the most important security shields for people owning houses; however, the availability of this option often causes controversies since there are many myths about it. Once more, by distinguishing reality from myths, it becomes easier to guard your property against possible harm from water damage. If you want advice on your particular situation and specific coverage options for flood insurance, then phone Bay Area Home & Auto Insurance in Clearwater, St. Petersburg, and the Tampa Bay area. Let us assist you in protecting your home and your sanity today.