Common Myths About Flood Insurance

When it comes to flood insurance, there are many misconceptions about it. Alloy Insurance Partners serving clients in Dallas, TX  and other surrounding towns has prepared a list of the most common myths about this type of insurance that you should be aware of: 

Myth 1: Flood Damage is Covered By Standard Home Insurance

The truth is that normally home insurance policies do not cover flood damage. That is why it is important to consider a separate flood insurance policy, especially if your home is located in a flood-prone area.

Myth 2: Only Homeowners Can Purchase Flood Insurance

Actually, flood insurance is available not only to homeowners, but also to renters, business owners, and condos. The best way to get more information about it is to talk to an insurance agent, who will be able to answer all the questions. 

Myth 3: Only People Living in the Special Flood Hazard Area Are Qualified for Flood Insurance

Anyone who lives in the community that voluntarily joined the National Flood Insurance Program (NFIP) can purchase flood insurance. If you live in a community that does not participate in NFIP, you can make a request for it to do so through the city commissioner’s office, city council, or mayor of your city. 

Myth 4: You Have to Wait Until a Rainy Season  to Purchase Flood Insurance

You need to be proactive when it comes to purchasing flood insurance. In most cases, there is a 30-day waiting period before a policy goes into effect. Therefore, it is actually recommended to get flood insurance as soon as possible and not to wait until a rainy season. 

Flood insurance is an important type of insurance because it proves additional coverage to your home and belongings in case a flood happens. Now you know the most common misconceptions about it and you will be able to find a policy you need. If you need help, Alloy Insurance Partners serving clients in Dallas, TX will be glad to assist you. Do not hesitate to give us a call or visit the website.