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Reasons to Renew Your Flood Insurance

Just because you haven’t experienced a flood doesn’t mean you never will. A quarter of all flood insurance claims are submitted by policyholders in low-to-moderate risk areas, and policyholders in high-risk zones have a 26% chance of experiencing a flood over the life of a 30-year mortgage. And remember, your homeowners insurance typically does not cover floods.

• Continuous coverage gives you uninterrupted protection.
  Floods can happen anytime, anywhere—to anyone.
  
  
• Having a policy in force could save you money.
  When flood risks increase, flood insurance rates also go up. Most policyholders living in areas where the flood risk has increased can renew at a rate based on their previous flood zone. They are “grandfathered” at the lower zone designation.
  
  
• Letting your policy lapse could cost you money.
  An afternoon storm or backed-up storm drains could bring inches of water into your home causing thousands of dollars in damage to walls, floors, and furniture.
  
  
• Protect your investment—your bank expects you to.
  If you live in a high-risk area and have a loan from a federally regulated or insured lender, you are required to renew your flood insurance. When you purchase a home, you accept liability for any damage from fire, wind, hail, theft, or flooding that may occur while you live there.