Floods are the second largest natural disaster in the United States. Flooding is a widespread phenomenon, which, on many occasions, has caused a lot more than just property damage. Floods can cause severe personal and financial losses and since standard homeowners’ insurance policies don’t cover floods, federal and state governments recommend a standalone flood insurance coverage for all homeowners in Minnesota.
Flash floods are a pretty common occurrence across the Midwest. Homeowners who lack proper insurance stand to incur significant losses in the event of floods. Flood victims often receive disaster assistance loans from the federal government. However, more than 50 percent of floods in Minnesota aren’t declared disasters by the state, which means no disaster loans. Additionally, it’s a lot easier to pay for a flood insurance premium than paying for disaster aid loans.
Flood insurance is the only way to protect your family from the devastation caused by flooding. When buying flood insurance, there are two options. You can buy a private flood insurance policy or go the National Flood Insurance Program (NFIP) way. The latter only covers homes in floodplains, though. But even if your home isn’t located in a flood-prone area, you still need coverage. Your best option is to get flood insurance coverage from a reputable provider such as Selective Insurance Agency.
Floods, flash floods, and other phenomena brought about by extreme weather are unpredictable. In most cases, it’s usually a question of when. The best step you can take is to protect yourself by getting coverage. Selective Insurance Agency in Minnesota has been providing flood insurance coverage for many years. There are many options for homeowners, and we can work with you to find the coverage that provides you with full protection. Visit our website or give us a call if you need more information or a quote on flood insurance coverage.