Flood insurance is probably the most misunderstood kind of homeowner’s coverage. For mobile homeowners, this type of insurance can be even trickier to navigate. However, going without flood insurance is a risk that homeowners just shouldn’t take. If a flood does occur, you could face major losses—in fact, a flood can easily lead to the total loss of your home and all of its contents. Here are some common myths about flood insurance that could be putting your home at risk:
Myth: I have homeowner’s insurance, so I don’t need flood insurance.
A lot of homeowners believe they don’t need flood insurance if they already have homeowner’s insurance. When it comes to this myth, too many homeowners have had to learn the truth the hard way. Your homeowner’s insurance does not include flood coverage. The worst time to find this fact out is when water damage has already occurred in your home. You can’t wait until your home is being threatened by a flood to consider purchasing insurance, either. If you are in the crosshairs of a natural disaster that could lead to flooding and discover that you’re not covered, it is too late to buy insurance.
Myth: I don’t live in a flood plain, so I don’t need flood insurance.
For most people in flood plains, flood insurance is required in order to have a mortgage loan. However, even if you don’t live in a traditional flood plain, this type of insurance is still a smart investment. Statistics show that about one in four flood insurance claims is for a property that is not in a flood plain. Floods can and do happen anywhere.
For mobile home homeowners, flood insurance is particularly important because it can impact mobile homes in different ways than traditional homes. For example, a flood can dislodge the anchoring system for the home, while wet soil can cause the footings to fail. The home can also be laterally displaced. These risks are unique to mobile homes, so flood insurance that is designed specifically for these kinds of properties is important.
Another point to remember about flood plains is that they change. Areas that used to be outside of flood plain zones may now be in them, so your understanding of the flood risk for your home when you purchased it may eventually become outdated.
Myth: If my home insurance covers water damage, the kind of water damage doesn’t matter—I’m covered.
Some home insurance policies say that they cover water damage, which leads many homeowners to believe they are covered no matter what type of water damage may occur to their home in the future. Unfortunately, this is often not the case. The water damage that is usually covered in a homeowner’s policy is secondary water damage. For instance, if your roof is blown off of your home during a storm and water damage occurs because of the loss of the roof, that damage will be covered because it will be considered an effect of the covered wind damage that occurred.
However, that does not mean that your policy will cover water damage that occurs when water enters your home from a rising river or flash flood. This kind of water damage is covered by flood insurance specifically, which is why it is essential for homeowners to understand the importance of investing in this type of coverage.
National Mobile Home Insurance Company understands the needs of mobile homeowners and can help you protect your property with homeowner’s policies and flood insurance. Get answers to your questions about flood insurance and more by calling 1-800-388-6780.