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Living in St. Louis, Missouri there are a few things you probably don’t think about when purchasing a new home. Purchasing earthquake insurance is one of them, but another one that is even more likely to affect you is having flood insurance. Large parts of St. Louis City and St. Louis Country are actually in a flood zone. Today we are going to discuss some flood insurance facts.
If your home gets just 1 inch of water inside of it, you can see more than $25,000 in damage. This is a really big issue to ignore, but most renters and homeowners insurance policies do not cover this flood damage. The only way to protect your home and see savings is to actually purchase flood insurance.
Flood Insurance Facts And What You Can Do About It In St. Louis
1. Flooding Is The #1 Natural Disaster In The United States.
“FLOODING is the most frequent severe weather threat and the costliest natural disaster facing the nation. Ninety percent of all-natural disasters in the U.S. involve flooding. And high-risk flood areas are not the only ones at risk: about 25% of flood insurance claims come from moderate-to-low-risk areas. This is why purchasing flood insurance in St. Louis is so important.”
2. Flooding Is Not Covered By The Typical Homeowners Or Commercial Property Policy.
As we discussed above a typical homeowners insurance policy will not cover a flood. You will need to purchase specific flood insurance that comes as an add-on to your homeowners or renters insurance policy.
3. 90% Of Natural Disasters Declared By The President Involved A Flooding Event.
With so many national disasters involving flooding, it seems obvious that you should purchase flood insurance. But, a lot of companies simply don’t tell their customers they need it or consumers decide to take a pass. Living in St. Louis where flooding is so prominent it can be dangerous not to purchase the appropriate insurance to protect your investment.
4. In A High-Risk Flood Zone, Such As St. Louis, There Is A 26% Chance Of A Flood Loss During A 30-Year Mortgage.
Since St. Louis is a high-risk flood zone that means you have a 26% chance of having a flood even on your property during your 30-year mortgage. Most home loans are for a 30-year term. Would you take over a 25% chance of something else dangerous and destructive happening to your home or family?
5. An Average Flood Claim Is $43,000.
The average flood claim in the United States is $43,000. If you don’t have flood insurance, your homeowner’s policy will not cover this cost. This is the type of cost that can cause significant financial damage to most families. We have even seen families lose their house or file bankruptcy after being caught up in red tape with their insurance company only to find out they wouldn’t cover the damage.
Flood Insurance Makes Sense In St. Louis
We know that a lot of these facts sound scary. They aren’t meant to scare you, however, they are real facts and statistics and we want you to make the right decision when it comes to flood insurance. You have the ability to make the decision to purchase a flood insurance policy and save your family a lot of hardship.
If you would like to learn more about these flood insurance facts please contact Insurance Advisors Of St. Louis today and we can answer any questions that you have. If you have decided that you want a flood insurance quote we can take care of that for you today. Our independent insurance agents don’t work for one company and we will shop your policy to several companies finding you the best price and policy that fits your needs.