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Flood Insurance
Certain myths on flood insurance
In spite of so much information being available, there are still certain myths about this insurance type. This makes people ignore taking the policy and in the end face serious consequences due to flood damage.
Here a look at some of them
Myth 1: Flood insurance is there in the home insurance policy!
Fact - This is an all too common mistake. Your home insurance policy covers only for damages caused by wind and damage caused by water entering through a wind-damaged area, not damages caused by floods.
Myth 2: It is impossible to get flood insurance right after a flood has happened or just before a flood event.
Fact - You can take a flood insurance policy at any time. Remember that the policy comes into effect 30 days from the date on which you sign up for it. On the other hand if there was a flood map revision in your area and you had taken a policy within 13 months of this flood map revision, this 30-day waiting period can be waived.
Myth 3: Your property was affected by floods earlier and was damaged due to flood. People are telling you that you cannot get a flood insurance policy because of this situation.
Fact - You can buy a flood insurance policy after a flood if your community participates in the NFIP.
Myth 4:- Flood insurance costs the earth!
Fact - Flood insurance is not expensive and can be a real lifesaver in the event of a sudden storm that causes flood damage.
Myth 5: To get flood insurance you would have to only go to the NFIP
Fact - Not so. You can buy directly through the NFIP as well as agents and companies who buy it from NFIP.
Myth 6: You don’t need flood insurance because you do not live in a flood-prone area
Fact - Most areas are susceptible to flood. Even if you live in a low-to-moderate flood risk area, chances are still there to experience a flood. So better be prepared by taking it up.
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