Floods: The Most Costly Natural Disasters in the US

Floods are the most costly type of natural disaster in the United States each year. Floods range from just a few inches of fast-falling rain impacting an area, to large storms that span miles and miles. When floods occur, they create a fast and very dangerous situation. They can lead to significant flooding situations where water is flowing in streets. More commonly, though, water builds up at ground level, entering into homes as well as into businesses. And, the long-term effects of flooding magnify the problem since improperly dried surfaces can develop mold and mildew growth in as little as 18 hours.

If you don’t have flood insurance, you could be putting your home or business at risk for some of the most expensive and risky financial situations out there. But, there’s more you should know about this type of risk.

You may know your home insurance policy and business property insurance does not cover flooding, but you may still be leery on whether or not you really need to buy a flood insurance policy. Take into consideration a few statistics that may shed light on the value of such policies.

• Did you know that over the last five years, according to FloodSmart.gov, every state in the country has been impacted by flash floods or flooding? There’s no area that is immune from these risks.
  
  
• Every person in the United States lives in a flood zone. The amount of risk to your property demands on the rating of that flood zone.
  
  
• Federal disaster assistance is not a free payment to you if a flood occurs and a natural disaster is declared. Rather, it is a loan given to those suffering from such a flood from the federal government that must be paid back over time and with interest.
  
  
• If you live in an area considered at a high risk for floods, your home is more likely to be damaged in some way from flooding than it is from fires.
  
  
• Traditional storms cause most flooding, but hurricanes, snow melt and even winter storms also contribute to flooding.

If you take a look at these statistics, it is clear to see there is a real risk to property owners in nearly all areas of the United States. Flood insurance can help you.