Flood Insurance: Do You Need It?

As climate change continues to impact weather patterns, flooding has become a growing concern for homeowners, renters and businesses. Floods can strike unexpectedly, causing devastating damage to properties and belongings. These incidents can arise from many situations, including heavy rainfall, overflowing bodies of water, infrastructural damage and rapid snowmelt. Given how common these incidents are and how damaging they may be, fully understanding and fulfilling your flood insurance needs should be a top priority. 

Who Needs Flood Insurance? 

Flood insurance should be considered a high priority for many individuals, families and businesses, but exact coverage needs may vary depending on the following factors: 

• Legal compliance—Individuals residing in high-risk flood zones, as designated by the Federal Emergency Management Agency (FEMA), may be required to carry flood insurance.  
• Mortgage requirements—If you have a mortgage on your property and it is located in a high-risk flood zone, your lender may mandate that you carry flood insurance as part of the loan agreement. 
• Risk levels—Even if you are not beholden to any requirements, it’s advisable to consider purchasing flood insurance if you reside in an area with a history of flooding.  

Determining if You Need Flood Insurance 

When weighing your unique circumstances and subsequent flood insurance needs, the following steps may help you ensure sufficient coverage: 

1. Look up flood maps. FEMA provides flood maps that outline areas prone to flooding. By checking these maps, you can identify the flood risk level of your property. If you are in a high-risk zone, flood insurance is strongly recommended. 

1. Think about your location. Consider your region’s climate and geographical features, such as if it’s prone to heavy rainfall, hurricanes or rapid snowmelt. Understanding these local risks will help you assess the need for flood insurance. 

1. Consider past incidents. Research any past incidents of flooding in your area. Investing in flood insurance is prudent if your community has a history of floods, even if they were not severe. 

1. Consult with insurance professionals. Speak with insurance professionals, such as those at Insurance Tigers LLC, to assess your situation and gain insights into your unique circumstances and coverage needs. 

We’re Here to Help 

In a world where climate-related risks are rising, obtaining flood insurance is a proactive step toward protecting your home and belongings. By evaluating your geographical location, understanding local climate patterns and consulting with insurance experts, you can make an informed decision about the necessity of flood insurance for your circumstances. 

At Insurance Tigers LLC, we have the knowledge and experience to help clients throughout Nevada, Oregon and Washington fully understand their flood insurance needs and secure adequate coverage. Contact us today to learn more. 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.