CLOSING THE FLOOD INSURANCE AWARENESS GAP

New poll shows many Americans need Flood Insurance

According to a recent Selective Insurance/Harris Poll survey, only 14% of U.S. residents say they carry standalone flood insurance. However, two-thirds (66%) of those who have a standalone flood insurance policy say they have needed to file a claim at some point while they had their policy, illustrating the importance of comprehensive flood coverage.

Amid the current conversation around climate change and the impact it has on severe weather events, 41% of U.S. residents are likely to re-evaluate their needs for flood insurance.

65% of U.S. residents who have a homeowners or renters insurance policy incorrectly believe their current homeowners policy protects their home and/or personal belongings against the damages caused by a flood.

An independent insurance agent can help you understand your risk and help you get the right insurance coverage.

Find a Flood Agent Today

FLOOD INSURANCE IS DIFFERENT FROM HOMEOWNERS INSURANCE

What Americans Who Have Homeowners/Renters Insurance Think Is Covered By Their Policy In The Event Of Flooding

Most (65%) believe that their homeowners/renters policy will provide coverage for flood damage. But many policies will not cover property damage from floods. The Selective poll found that U.S. residents with a homeowners/renters policy felt the below items would be covered if a flood were to occur, but they may be mistaken:

44% - Home Structure
38% - Major Appliances
36% - Heating or Cooling Systems
34% - Personal electronics
29% - Other personal belongings (e.g., clothing/shoes, furniture)
29% - Vehicles

While homeowners or renters policies may cover some types of water damage, such as a burst pipe, most homeowners policies exclude losses caused by flooding.

A homeowners policy will often cover damage caused by water or sewage back-up or sump pump failure.
If water damage occurs because of a flood, and the homeowners policy does not have a flood endorsement, there would likely not be coverage.

Contact your local agent for further details and to learn how your homeowners or renters policy may respond if you suffer flood damage. Some insurance carriers may provide a homeowners flood endorsement.

Flood insurance awareness can help protect property from losses related to water damage.

PROTECT YOUR HOME WITH FLOOD INSURANCE

Floods are the most common natural disaster in the United States, with more than 20% of all flood insurance claims coming from low- to moderate-risk flood zones.

Since standard insurance policies don’t typically cover flood losses, you should protect your home with National Flood Insurance Program flood insurance, offering limits of up to $250K for your real property and $100K for contents.

TOP TIPS FOR FLOOD PREPARATION

You can help ensure your home is protected against devastating flood losses by following these tips:

Purchase a flood policy that includes coverage for your contents.
Be aware that a flood policy takes approximately 30 days to go into effect.
Understand the changing topography and geographical surroundings as well as the dynamic change in weather patterns that may impact your area.
Have supplies on hand and a plan in place so you’re prepared if a flood impacts your area.

TALK TO YOUR AGENT TODAY ABOUT FLOOD INSURANCE

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Survey Method:

The surveys were conducted online within the United States by The Harris Poll on behalf of Selective Insurance from July 11-13, 2023 among 2,048 U.S. adults ages 18 and older, and August 17-21, 2023 among 2,069 U.S. adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For the studies, the sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level. For complete survey methodologies, including weighting variables and subgroup sample sizes, please contact Katelyn.Leondi@Selective.com