Did you know, most homeowners policies do not cover flood damage? Damage to your property caused by a flood can financially deplete your savings and can cause irreplaceable harm to your home.
Dave Ramsey, founder and owner of Financial Peace University lists these several flood facts on his website:
- The damage from just one inch of water can cost a homeowner more than $20,000.
- Flash floods typically carry water between 10 and 20 feet high.
- It takes just six inches of fast-moving water to knock over an adult and 12 inches to sweep away a small car.
- Water moving at 10 mph can wield the same pressures as wind that’s moving at 270 mph.
- If you live in a 100-year flood plain, your home has a 1% chance of flooding every year. In the last three years, Houston alone has seen at least three 500-year floods.
- If you live in a single family home valued at less than $250,000 and it gets flooded, you’re likely to incur more damage on your home than it’s worth.
- If you live in a flood plain or a high-risk area, you are required to have flood insurance if your home has a federally backed mortgage.
You can read the full article here: https://www.daveramsey.com/new-to-dave?snid=start.newtodave
If any of these seven facts apply to you, you might want to consider obtaining flood insurance. If you aren’t sure if you are in a 100 year flood zone, you can go directly to FEMA’s website here and type in your home address.
If you are in need of a flood insurance or have further questions, please feel free to give us a call at 301-855-9393.