One of the largest myths surrounding flood insurance is that it is covered under one’s home insurance policy. In fact, most homeowners’ insurance policies will specifically exclude coverage. In order to be protected from a flood, you need to purchase a separate policy and often this is done through the US Government. Often homeowners will see that their policy provides coverage for water damage and assume that includes flood coverage. However, water damage is a very different coverage which is meant to cover damage from events such as a broken pipe. If you are unsure if you are covered for flood reach out to an agent at Five Star Insurance Agency. We proudly serve the  Fords, NJ.

A second misconception is that you can only purchase flood insurance if you live in a high-risk area. Anyone can purchase flood insurance and in fact, more than 20% of flood claims are made by households who reside in what is considered a low-risk area.

Some homeowners assume a flood policy will cover everything on the property, but this is not true. If you have a deck, patio, swimming pool or hot tub you need to check with your insurance agent to make sure the coverage is adequate for those items.

Many owners mistakenly forego flood insurance because they believe the federal government will step in and provide financial assistance after a flood. However, this is not the case, in order to qualify for the assistance the government must declare it a federal disaster zone which happens in less than 50% of flooding events nationwide.

If you live in the Fords, NJ area and would like to learn more about flood insurance, please reach out to a specialist at Five Star Insurance Agency today.