McInnis Realty, Inc.'s Blog
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: Disaster assistance comes in two forms: a U.S. Small Business Administration loan, which must be paid back with interest, or a FEMA disaster grant, which is about $5,000 on average per household. By comparison, the average flood insurance claim is nearly $30,000 and does not have to be repaid.
It’s easy to see that having flood insurance provides important recovery help.