EDISON BLOG

Archive: April 2018

3 Common Misconceptions about Flood Insurance

 
 
Floods can occur anytime and anywhere. In fact, they are the number one disaster in the United States. One of the most important things you can do to protect your possessions and assets is to purchase flood insurance.  Here are three common flood insurance misconceptions, and the truths you should know:
 
Misconception: Homeowners Insurance covers flood damage.
Truth:  A standard home, condo, or renter’s insurance policy does not cover flood damage. To be protected in the event of a flood, you must purchase flood insurance.  Homeowners Insurance may cover water damage, such as a hole in your roof or pipe leak, but will not cover flood-inducing risks such as storm surge or torrential rainfall. You would need to purchase flood insurance to protect your home from flood losses.
 
 Misconception: You must live in a high-risk flood plain to purchase flood insurance.
Truth: Every home, especially in Florida, is at some level of risk of flooding. Everyone should obtain flood insurance, regardless of their home’s level of risk. It only takes one inch of flood water to produce thousands of dollars in damages. According to FEMA, roughly 25% of all flood claims come from moderate to low risk areas.
 
Misconception: Flood insurance can only be purchased through the NFIP.
Truth: Flood Insurance can also be purchased through private carriers, like Edison Insurance Company.  Edison offers our policyholders flood coverage which is currently not offered through the NFIP, though a certified flood endorsement. Our flood endorsement is designed to cover your personal possessions to your selected coverage amount, and eliminates the need for a standalone flood insurance policy.  For more information, or to see if you are eligible for flood insurance with Edison Insurance Company, speak to your agent today.
 
 
 
The safety of you and your family is Edison Insurance Company’s top priority. Our mission is to provide quality coverage at competitive rates while providing exceptional service. For more information on homeowners insurance in Florida, or to get a quote, call us at 866-568-8922. 

Why You Need a Flood Preparedness Plan


 
Spring is here, bringing increased chances of rain and increasing a risk of flooding. Floods are unpredictable and cause billions of dollars in damages, more than any other natural disaster. The safety of your family should be your top priority in the event of a flood therefore, it is important you have a flood preparedness plan. Here are a few other additional reasons why you need a flood plan in place:
 
Floods can occur at any time.

 “April showers bring May flowers”, but floods can occur at any time of the year. It can only take one heavy rainstorm to cause serious flooding, resulting in thousands of dollars in damages.
 
Hurricane Season

Hurricanes and Tropical Storms can produce inches of rain and storm surge, which is a leading cause of flooding. As we saw during the 2017 Hurricane Season, flooding was a leading cause of damage resulting in billions of dollars in losses. After Hurricane Harvey’s unprecedented flooding, CoreLogic estimates the total residential (insured and uninsured) flood losses to range between $25 to $37 billion. Hurricane Irma also brought its fair share of flooding damage to Florida and surrounding states, causing $25-$38 billion dollars in residential flood losses, according to CoreLogic.
 
You do not have to live in a flood zone to experience flood damage.

Just because you have not experienced a flood before, does not mean you never will. In fact, roughly 25% of all flood claims are from areas with a moderate to low risk of flooding. Although Florida is nicknamed the “Sunshine State”, we are especially prone to experience flooding.  If you would like to learn more about your home’s flood risk, contact your agent, or use FEMA’s Flood Map Tool.
 

 
Developing your flood preparedness plan

Take measures to protect your family, property, and yourself in the event of a flood by considering these tips:
  • Have a family evacuation plan.
  • Keep an emergency kit full of provisions.
  • Secure your valuables and documents in a waterproof container.
  • Purchase flood insurance.
 
Flood coverage is not included in a standard homeowners insurance policy. Edison Insurance Company offers a certified flood endorsement to qualifying policyholders, eliminating the need for a standalone flood insurance policy. Speak with your agent to make sure your home and possessions are covered in the event of a flood.
 
For more flood preparedness tips, click here.
 
 
The safety of you and your family is Edison Insurance Company’s top priority. Our mission is to provide quality coverage at competitive rates while providing exceptional service. For more information on homeowners insurance in Florida, or to get a quote, call us at 866-568-8922.