We have all seen images of the damage that flooding causes. Floods can happen almost anytime, anywhere. Flooding causes an average of $8 billion in property damage in the United States each year according to the National Oceanic and Atmospheric Administration (NOAA). And it doesn’t take much to cause damage. According to the National Flood Insurance Program, just 1 inch of water can cause almost $21,000 in damage to a 2,000-square-foot home.
Homeowner’s Policies Do Not Cover Floods
What homeowners don’t realize is that their homeowner’s insurance policy likely does not cover them for floods. To be protected against flood damage, they would need to secure additional coverage specific to flooding. In some cases, depending on where the home is located, lenders might require proof of flood insurance. By connecting their clients to insurance professionals, real estate agents can help their clients find out early if flood insurance will be required. This could be an important factor in their purchase decision.
Protection Beyond Insurance
There are some precautions homeowners can take to help safeguard their home from damaging flood water. Share these ideas with your clients when talking to them about safeguarding their real estate investment.
Ground-level flooring should be tile or stone. Wood flooring and carpet are more susceptible to rot when exposed to large quantities of water.
Check the roof for leaks and repair them immediately. When replacing the roof, make the additional investment to install a rubber roof underlayment, which is a waterproof barrier that sits under the shingles and protects your home from water entering thought the roof.
Consider investing in a sump pump and keep it handy in the event you need to remove excess water from the home.
It Doesn’t Need to Rain to Flood
Homeowners should keep in mind that damaging waters do not come only from excessive rain and inclement weather. Homes can flood from broken pipes, faulty appliances or human error such as leaving a faucet running.