Why Do Homeowners Purchase Flood Insurance?

Flooded Home

There are certain parts of the world that experience flooding on a near daily basis, but the United States is not one of these parts. Although flash floods and torrential rains do not happen as frequently in the U.S. as they do in other places, all it takes is one flood to wreak a ton of damage. It’s with this reality in mind that many individuals purchase private flood insurance. Of course most individuals would prefer to do whatever is possible to protect their property, but sometimes damage is inevitable, and it’s in such instances where having flood insurance proves valuable.

Below are three flood-causing events that lead individuals to purchase flood insurance in NJ. 

Rapid Snowmelt

Flooded Street in New Jersey

Floods can negatively affect many things, the structural integrity of your home being one of the most important. But no matter how hard you try to make your property impervious to floods, nature will find a way to get the best of you. Many don’t know that rapid snowmelt can cause flooding, and unfortunately there aren’t a lot of ways to prevent this natural part of winter from occurring. New Jersey residents typically purchase flood insurance in NJ to prevent snow melt-related damages, and many find their policies come in handy after a brutal winter.

Flash Floods
Flash floods generally affect individuals living near rivers, creeks, or other bodies of water. If recent weather patterns or other factors have caused water levels of the nearby river to rise, an unexpected torrential rainstorm may be enough to cause a flash flood, one that could devastate your property. Those who own waterside rental properties are especially wary of flash floods, and such is why many of these individuals purchase flood insurance for a rental property. There’s nothing worse than visiting a vacation property only to find out it was damaged at some point by unexpected flooding.

Although it’s been several years since hurricane Sandy ripped through New Jersey, many residents are still grappling with the devastation the storm caused. Current estimates indicate that as many as 50,000 homeowners and renters lost property in the hurricane, and many of these individuals did not have private flood insurance when the storm hit. Flood insurance may seem like a superfluous expense, but it may be the only thing that prevents you from losing everything in a devastating, unexpected natural disaster.
Residents who owned property on the Jersey Shore were hit particularly hard by Sandy, and the storm showed many of these residents why having flood insurance for a rental property is all but required when you own something that sits so close to the water.

Where to Go for Reliable Flood Insurance

If you want to rest easy knowing you won’t lose everything in an unexpected flood, we’ve got you covered. At Cobalt Steele, we have been helping individuals in more than 30 states achieve peace of mind with our comprehensive and reliable private flood insurance policies. We’ve seen the devastation floods can bring, and these experiences motivate us to serve our clients in the best possible ways.