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The Top Three Misconceptions About Flood Insurance

This week, Hurricane Ian made landfall in the state of Florida, bringing with it torrential winds, devastating storm surges, and widespread flooding. Although Texas businesses and homeowners can breathe a quick sign of relief that our region was spared, the reality is that catastrophic weather can impact our region at any time.

Flood Insurance is one of the best tools homeowners, renters, and business owners can use to protect the value of their property and possessions, but many people skip this essential insurance coverage. Learn the top three misconceptions about Flood Insurance, why you need the protection it provides, and how Aegis Insurance & Financial Services can help you get this important policy.

Only Needed for Flood Zone Properties

One of the biggest misconceptions about Flood Insurance is that it's only needed for properties that have flooded before or are in flood zones. In the last ten years, our region has seen devastating flash floods and hurricanes that caused billions of dollars in damages, many in areas that have never flooded before.

Changes in our climate are resulting in more severe weather events, and continuous property development has eliminated much of the prairie and green space that would normally absorb much of our rainfall. Although your home, business, or rental property might not have experienced flooding yet, this does not mean your property will always be spared.

Policy is Too Expensive

Another incorrect belief about Flood Insurance is that it's too expensive and not worth the coverage. Flood Insurance is extremely affordable compared to other types of policies, and rates can be even lower if your property is in a lower flood risk region.

The annual premium for Flood Insurance is a worthy investment when you consider the out-of-pocket costs you could face by suffering flood damage and not having the insurance needed to cover those losses and repairs. A single inch of flood water in your home or business can cause on average $15,000 in damage and property loss, not including the costs of removing damaged flooring and walls.

Unnecessary With Current Insurance Coverage

Insurance customers also mistakenly believe that their current Commercial Property, Homeowners, or Renters Insurance policy will cover damages or losses caused by flood damage. Sadly, each year thousands of property owners discover too late that losses from flood damage are not covered by these policies, and they must repair and replace damaged property out-of-pocket.

A business, renter, or homeowner will often face financial disaster if they have to pay for entire building repairs and property replacement themselves, and disaster loans might not be available or have favorable repayment terms. It is a much better option to have Flood Insurance and not ever need it than to have to suddenly wipe out your savings or scramble to find tens of thousands of dollars for repairing a building and replacing everything a flood could destroy.

Get Flood Insurance Through Aegis Insurance & Financial Services

A Flood Insurance policy is a worthwhile investment both because of its affordability and the amount of property it protects. With Flood Insurance, you can have peace of mind that you'll have the financial resources needed to rebuild, replace, and recover what matters most if disaster strikes.

Contact Aegis Insurance & Financial Services today to learn more about Flood Insurance, your potential risk, and how to protect your business or personal property. Our agents are eager to help you get the protection you deserve, so call at 713-850-7622 for a free quote today!

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