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Every year, we hear of great devastation from floods in different parts of the country. Many homeowners never give a thought to flood insurance, and rightly so, as there is little risk where they live. Others are required to have it as a condition of the mortgage on their home because of a high likelihood of flooding. Then there's the group in between. Their risk isn't high enough for the bank to require it, but there is some chance of flooding in the area where they live.

These people consider the pros and cons, but never actually make a decision, which is very risky. These three facts may help you decide that flood insurance is something you should invest in.

  1. Your homeowners insurance policy will not cover any flood damage from external sources (but it likely covers burst pipes and other internal flood sources). Despite the fact that there has been a huge push to educate people about this, many still don't know or don't believe it. You can have a very extensive home insurance policy, but if floodwaters damage your home and you don't have flood insurance, you're going to have to pay for the repairs out of your own pocket.

  2. Water damage is costly. According to the National Flood Insurance Program, the average claim is over $38,000. According to their calculator, a small 1,000 square foot house with a foot of water would cost over $27,000 to repair.

  3. Flood insurance may not cost as much as you think. In low risk areas, it can cost less than a dinner out each month, so it's not a bad deal for some peace of mind. You can also lower premiums by raising your deductibles, which is smart if you're in a low risk area to begin with.

Don't put off making a decision about flood insurance until it's too late. Contact your independent insurance agent to determine your risk and find out more about flood insurance.

Get the coverage you need. Call Corbett & Associates Insurance Agency at (805) 496-1424 for more information on Thousand Oaks flood insurance.

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