Who Needs Flood Insurance?

Flood insurance can be a crucial financial safeguard for homeowners, renters and business owners, especially in areas prone to flooding. While it might seem like an unnecessary expense for some, the reality is that flooding can happen almost anywhere, and the financial impact can be devastating.

Do I Need Flood Insurance?

The following people should consider flood insurance: 

• Homeowners—If you own a home in a high-risk flood zone, flood insurance is often mandatory if you have a government-backed mortgage. However, even if you live in a moderate- to low-risk area, it’s worth considering. Standard homeowners insurance policies typically do not cover flood damage, so having a separate flood insurance policy can offer peace of mind and financial protection.

• Renters—Renters might assume that their landlord’s insurance will cover their personal belongings in the event of a flood, but this is not the case. Renters insurance can cover personal property, but it usually excludes flood damage. Therefore, renters should consider purchasing flood insurance to financially protect their possessions.

• Business owners—For businesses, flood insurance is essential to financially protect both the physical structure and the contents within. Flooding can lead to significant downtime and financial loss, so having insurance can help businesses recover more quickly.

Learn More

Flood insurance can be a wise investment for anyone living in areas susceptible to flooding. It can offer essential financial protection and peace of mind, helping you recover more quickly and thoroughly from flood-related damage. Contact Insurance Center of New Orleans today to discuss your flood insurance options.

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.