Insurance agent Jack Hanks Arizona discusses why flood insurance is essential for every home.
Flood insurance isn’t required for many homeowners across the United States. However, the experts at FEMA state that flooding is the most expensive and common natural disaster in the United States. Flooding doesn’t only affect homes in high-risk areas. Insurance agent Jack Hanks Arizona recently explained why flood insurance is essential for every home, whether in a high-risk area or not.
“Unfortunately, so many homeowners think that because they don’t live near a large body of water, they don’t need flood insurance,” Jack Hanks Arizona said. “This results in countless families undergoing financial crises due to flooding each year.”
Jack Hanks Arizona explained the financial crises due to flooding are easy and affordable to prevent. He explained that flood insurance policies for moderate- to low-risk areas are extremely cost-effective, and it’s practically a no-brainer to purchase one of these policies. Hanks added that those in high-risk areas have a one-in-four or higher chance of flooding throughout the course of a 30-year mortgage. Those are high chances.
“Between the years of 2014 and 2018, more than 40 percent of flood insurance claims made were outside of the high-risk areas,” Jack Hanks Arizona said. “Year after year, natural disaster after natural disaster, we are reminded of the importance of flood insurance.”
Jack Hanks Arizona explained that many flood insurance claims are not due to living near bodies of water. They are due to broken water lines, snowmelt, poor drainage, local construction projects, and more. He emphasized that policyholders don’t have to live anywhere near a body of water to experience flooding.
“Many homeowners expect their home insurance policies to cover flood insurance, but that’s actually quite rare,” Jack Hanks Arizona said. “It’s essential to review your homeowners insurance policy with a qualified agent to understand whether or not flood insurance is included. If not, we always suggest you purchase a flood insurance policy immediately.”
Jack Hanks Arizona explained that homeowners never know when a flood may occur, and they typically happen at the most unexpected times. He added that purchasing a flood insurance policy doesn’t have to break the bank, as policies in low-risk areas are extremely affordable. Jack Hanks Arizona added that those who purchase flood insurance in low- to moderate-risk areas hardly notice an increase in their monthly insurance payments. However, the peace of mind having a flood insurance policy is priceless.
“Flood insurance is what protects your home and your possessions should a flood occur,” Jack Hanks Arizona said. “Having the peace of mind that your investments are protected is worth purchasing a policy alone.”
Jack Hanks Arizona added that those interested in purchasing homeowners or flood insurance policies in Scottsdale, Ariz., and beyond can give him a call or visit his office at any time.