A Renter's Guide to Flood Insurance

7/23/2018 (Permalink)

With the Atlantic hurricane season in session, renters who live on the fifth floor of their apartment complex are not worried about flooding. However, renters are more likely than they think to be a flood victim. SERVPRO® of Port Jefferson encourages all renters to check their area on a flood map to see if they are at risk of flooding. If to your unpleasant surprise you find yourself in an at-risk area do your research and get flood insurance.

                "According to a ValuePenguin analysis, there are 1,274 counties in the U.S. in which at least one in four residents rent their homes. In about a quarter of those counties, floods have caused at least $5 million in property damages over the past 20 years--reflecting modest but not insubstantial losses. However, more than 5% of counties--78 in all--have suffered more than $50 million in damage over the years, and in more than one in five of those, the losses totaled $500 million or more" (Forbes, 2015).

                Even more surprising is that basic insurance does not cover flood damages. Insurance agencies will not cover water damage if the water has hit the ground before entering your home. The aftermath for flooding can range from $10,000 to $50,000 in out of pocket expenses. Not to worry, flood insurance for renters costs much less than for homeowners since the renter will not have to pay for structural damages, which is often the most expensive part of the restoration process.

                Understanding your insurance policies and being prepared this hurricane season is essential for keeping you, your family, and your home safe. If you or your family are having a flood, call SERVPRO® of Port Jefferson's 24/7 call center so we can help you start the renovation process.