3 Reasons Renters May Need Flood Insurance

4/1/2022 (Permalink)

Even if you have renter's insurance, you likely don't have coverage for flood damage.

Listed Below Are Three Reasons Why Renters May Require Flood Insurance.

As a Highland Beach, FL, tenant, you might assume that you don't need flood insurance. After all, you won't be responsible for restoring the building in the case of water damage, right? The thing is, any of your personal belongings inside that building could quickly become damaged in the event of a flood. Consider these 3 reasons you may need flood insurance.

1. You Already Have Renter's Insurance

Even if you have renter's insurance, you likely don't have coverage for flood damage. Standard renter's insurance policies won't cover water damage caused by storms and flooding. If you already have renter's insurance, check your policy and seek out a separate flood policy to make sure you are covered.

2. You Live in a High-Risk Area

All homes carry some risk of flood damage, and adding flood insurance to your renter's insurance keeps you better protected. However, high-risk areas are especially vulnerable to water damage and in need of coverage. Check out FEMA's Flood Map to see whether you live in a high-risk zone. Renters typically do not fall under the requirement to have flood insurance in high-risk areas, but it is a good indicator of the level of risk you take on by not having insurance coverage.

3. You Are Not Prepared to Replace Your Belongings

Water damage can get very expensive. Just one inch of flooding may damage several thousand dollars' worth of your personal property. Compare the costs of replacing your belongings with the cost of available flood insurance policies as you weigh the risks and benefits of coverage. If you are prepared to replace all of your important items at a moment's notice, having insurance coverage may be less vital. If replacing a large portion of your belongings would be a struggle for you, flood insurance can help you to keep your bases covered.

Most renters are aware of the benefits of renter's insurance, but you may not have realized that flood damage isn't covered on standard policies. If you live in a high-risk area, or you just want to make sure you can replace your belongings if needed, find a flood insurance policy that will keep you protected.