What are Some Common and Incorrect Myths about Flood Insurance?

If you are a property owner in the Memphis, TN area, it is crucial to ensure that you have the appropriate insurance in place at all times. One type of coverage that might be indispensable is flood insurance. In the course of your research, you may stumble upon several myths associated with flood insurance. It’s essential to familiarize yourself with these common misconceptions about flood insurance.

Home Insurance will Cover Flood Damage.

One common myth associated with flood insurance is that it’s unnecessary as their home insurance plan will cover flood damage. However, this belief is often misplaced. While there might be some protection for flood damage in your home insurance, such coverage is typically rather limited and will not suffice in the event of a significant flood. Only a unique flood insurance plan will offer comprehensive coverage in such situations.

Those Outside of High-Risk Areas Don’t Need Coverage

FEMA has detailed flood maps that indicate areas prone to flood risks. While it is essential to have flood insurance if you reside in an area at high risk for floods, there remains a possibility of flooding even in low-risk areas. Consequently, considering your flood coverage options’s always a good idea.

Flood insurance can be a necessity for many people in the Memphis, TN area. Numerous misconceptions related to this coverage need to be debunked for better understanding. A great way to do this is by seeking assistance from our team at Anthony Lancaster Insurance Inc. Our professionals are ready to help build a new plan and answer any questions you might have.