Don’t wait until it’s too late to buy flood insurance, experts warn

csimt Uncategorized

By: Lacey Middlestead

As Montana’s snowpack begins to melt and area rivers and streams begin to rise, it’s important to remember that flooding is not covered by homeowners insurance.

According to the Federal Emergency Management Agency (FEMA), floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year. In the Helena area, flooding is often an issue in the springtime…

For some, flood insurance is a required condition of their home loan if their home is in a high-risk flood area. But flood insurance isn’t normally required just because you own property. According to a 2016 consumer insurance survey by the Insurance Information Institute, 43 percent of homeowners incorrectly believe that damage from heavy rain flooding is covered under their standard insurance policy.

But just because your house is outside of the floodplain, doesn’t necessarily mean you’re safe either. Floods can happen anywhere and, according to FEMA, more than 20 percent of flood claims come from properties outside the high-risk flood zone…

“The time to purchase flood insurance for 2018 is now,” said Matt Rosendale, Montana commissioner of securities and insurance in a January 2018 press release. “Waiting until you see the water rushing is too late to be thinking about flood insurance.”

Read more at the Helena IR