Here’s Why You Need Flood Insurance Now

Can you believe we are just weeks away from the official start of the 2022 hurricane season?! Hurricane season is June 1 – November 30, with the peak levels of storm activity occurring during August – October. Each year Colorado State University issues its annual hurricane season predictions; for 2022, they are anticipating a slightly above average year with:

  • 13-16 named storms
  • 6-8 hurricanes – of which 2-3 are anticipated to be significant

While one storm is one too many, with 13 – 16 storms anticipated, now is the time to prepare and ensure that you and your family have a plan. Part of that plan is making sure you have appropriate insurance, specifically homeowners and flood insurance, to ensure that you protect one of your largest assets – your home. 

While most people have homeowners’ insurance, many do not have flood insurance. Some of the reasons we have heard as to why people do not have flood insurnace are:

  • “I already have a homeowners insurance policy.”
    • While that may be true, most homeowners’ insurance does not cover flood losses. Only flood insurances cover the cost of rebuilding after a flood. 
  • “We live in a low-risk flood zone, and therefore we do not need flood insurance.”
    • 30% of all flood claims are filed in low to moderate risk areas
  • “It is too expensive, and I cannot afford it.”
    • Do you know that just 1 inch of water can cause $25,000 in damage to a home? A flood policy may be more affordable than you think. 
  • “I don’t need flood insurance; I live in a brand-new home.” 
    • New construction can increase flood risk, especially if it changes natural water run-off paths. 
  • “I don’t need to buy flood insurance now; I will wait until there is a hurricane coming and call my agent then.”
    • If you are not purchasing a new home – there is a 30-day waiting period before your policy becomes effective. If you wait to secure coverage, it may be too late. 

Contact Pineapple Insurance with any questions or for a free no-obligation quote. We have options with the NFIP as well as private flood markets for your consideration. Act now while there is still time. Contact us or your agent today. 

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