Although flood insurance isn't a requirement for most Maryland homeowners, it offers valuable protection that your Homeowners Policy does not.
Although flood insurance isn’t a requirement for all homeowners, it offers valuable protection that every homeowner should consider. Flooding is more common than people think, putting homeowners at risk of losing their home and belongings in one fell swoop. At Steen Insurance, we can help you safeguard your valuable investment with the flood insurance protection you need.
Misconceptions about Flood Insurance
Many homeowners have misconceptions about flood insurance which keeps them from availing themselves of this protection. Here are some common misconceptions about flooding and flood insurance coverage:
Flooding only occurs in “high risk” flood areas. The truth is that flooding can occur almost anywhere. In fact, it’s estimated that approximately 25% of flood damage occurs in non-high-risk flood areas, making you at greater risk of this disaster than you may think.
Home insurance covers flood damage. Home insurance may cover rain damage from a leaky roof or broken window or water damage from leaky plumbing, but not flooding. Damage to your home’s structure or belongings from flooding is only covered by flood insurance.
Flood insurance is very expensive. Flood insurance is actually quite affordable, putting this coverage well within your reach. When compared to the devastating damage that floods can cause, it only makes sense to protect yourself against this unforeseen disaster.
Flood Insurance Coverage
As a Maryland homeowner, you can obtain flood insurance to protect your home, your belongings or both, depending on the policy you buy. The amount of coverage you obtain depends on the value of your goods and property. Building property coverage will protect your home’s structure up to a limit of $250,000. It also covers the removal of debris and cleanup. Personal possessions' coverage can be obtained to protect your furniture, electronics, appliances, artwork, clothing, jewelry, and other belongings for up to $100,000.
To learn more about flood insurance options and costs, contact an agent from Steen Insurance today.