M.L. Cutler Blog
Facts About Flood Insurance
As recent events have shown, no home is completely safe from potential flooding. Flood insurance can be the difference between recovering and being financially devastated. Just one inch of water in a home can cost more than $25,000 in damage.
Do You Need Flood Insurance?
Here are some important facts to keep in mind:
FACT: Homeowners and renters insurance does not typically cover flood damage
FACT: More than 20 percent of flood claims come from properties outside high-risk flood zones
FACT: Flood insurance can pay regardless of whether or not there is a Presidential Disaster Declaration
FACT: Most federal disaster assistances comes in the form of low-interest disaster loans from the U.S. Small Business Administration (SBA) and you have to pay them back. FEMA offers disaster grants that don't need to be paid back, but this amount is often much less than what is needed to recover. A claim against your flood insurance policy could, and often does, provide more funds for recovery than those you could qualify for from FEMA or the SBA - and you don't have to pay it back.
Please make considering flood insurance a part of your Hurricane Ida recovery strategy. Reach out to one of our ML Cutler representatives to explore your options.