Flood damage is one of the most common and costly natural disasters, yet it is often misunderstood by property owners. Many people believe their standard homeowners policy provides protection against rising water, only to discover the truth after a storm has passed. Whether you live in a coastal area like Salisbury, a suburban neighborhood in North Bethesda, or a more rural setting in Harrington, understanding flood insurance is essential for protecting your investment.
In 2022, as weather patterns become more unpredictable, staying informed can help you avoid a major financial loss. Here are five helpful facts you should know about flood insurance today.
- Standard Homeowners Insurance Does Not Cover Flooding
This is perhaps the most critical fact for any property owner to understand. A standard homeowners or renters policy generally covers water damage from internal sources, such as a burst pipe or a leaking water heater. However, it does not cover damage caused by “rising water” from the ground up, such as heavy rain, overflowing rivers, or storm surges. To protect your home from these events, you must have a separate flood insurance policy.
- You Don’t Have to Live in a High-Risk Zone to Need It
Many residents in North Bethesda or Harrington assume that because they are not in a designated “Special Flood Hazard Area,” they are safe. However, statistics show that more than 25% of flood insurance claims come from low-to-moderate risk areas. Flooding can be caused by something as simple as a clogged storm drain or a particularly heavy afternoon thunderstorm. If it can rain at your property, it can flood.
- There is Usually a 30-Day Waiting Period
You cannot wait for a named storm to appear on the radar to purchase a flood policy. Most flood insurance policies, including those through the National Flood Insurance Program (NFIP), have a 30-day waiting period from the date of purchase before the coverage becomes effective. If you are concerned about the upcoming hurricane or storm season in Salisbury, the best time to secure coverage is right now.
- Flood Insurance Covers More Than Just the Building
A comprehensive flood policy can protect two main areas:
- Building Coverage: This protects the physical structure of your home, including the foundation, electrical and plumbing systems, and built-in appliances.
- Contents Coverage: This helps you replace your personal belongings, such as furniture, electronics, and clothing, if they are damaged by floodwaters. For renters in North Bethesda or Salisbury, a contents-only flood policy is an affordable way to protect your personal property even if you don’t own the building.
- Federal Disaster Assistance is Not a Substitute for Insurance
Some people rely on federal disaster grants to help them recover after a flood. However, federal aid is only available if the President declares a formal disaster, which does not happen for every local flooding event. Even when available, this aid often comes in the form of a low-interest loan that must be repaid. A flood insurance policy, on the other hand, pays for your covered losses regardless of whether a federal disaster is declared, helping you rebuild without taking on new debt.
Secure Your Property with Local Guidance
At Staples and Associates, we specialize in helping residents across Maryland and Delaware find the right flood protection for their specific needs. We understand the local terrain and the unique risks faced by our neighbors in every community we serve.
- North Bethesda, MD: 240-848-0355
- Salisbury, MD: 410-546-3999
- Harrington, DE: 302-398-3276
Visit staplesagency.com to learn more about our flood insurance options. Don’t wait for the next storm to find out if you’re covered—contact us for a review today.