When it comes to flood insurance, many homeowners often operate under misconceptions that can lead to inadequate protection for their properties. Flooding can be devastating, and understanding the facts about flood insurance is crucial to safeguarding your home and finances. Let’s take a closer look at some common myths surrounding flood insurance and the truths that counter them.

Myth 1: My Homeowner’s Insurance Covers Flood Damage

One of the most prevalent myths is the belief that standard homeowner’s insurance policies cover flood damage. In reality, most homeowner’s policies exclude flood damage. If you live in a flood-prone area or are at risk of rising waters from heavy rainfall, you’ll need a separate flood insurance policy to ensure coverage. The National Flood Insurance Program (NFIP) provides options for those who need it.

Myth 2: Flood Insurance is Only for High-Risk Areas

Many people think that if they don't live in a designated flood zone, they don’t need flood insurance. While it's true that high-risk areas are more prone to flooding, flooding can occur anywhere—regardless of your location. Studies show that around 20% of flood insurance claims originate from homes outside of high-risk flood zones. It’s a wise investment for peace of mind, no matter where you live.

Myth 3: Flood Insurance is Too Expensive

Another myth is that flood insurance is prohibitively expensive. While costs can vary significantly based on location, the type of coverage, and the property itself, many people find it to be a manageable expense compared to the potential losses from flood damage. Additionally, the NFIP offers affordable premiums, and there may be possible discounts for policyholders who take steps to mitigate flood risks.

Myth 4: You Can Wait Until a Flood is Imminent to Get Coverage

Some homeowners believe they can wait until they see a storm approaching to purchase flood insurance. Unfortunately, this is not the case. Flood insurance policies typically have a 30-day waiting period before they take effect. Waiting until the last minute can leave you vulnerable and without coverage when you need it most.

Myth 5: Flood Insurance Only Covers Structural Damage

Many believe that flood insurance only covers damage to the structure of the home. In reality, a standard flood insurance policy covers both the structure and personal belongings, including appliances, furniture, and electronics up to certain limits. However, it's essential to understand what is and isn’t covered, as some valuable items or specific types of damage may require additional coverage or riders.

Myth 6: You Don't Need Flood Insurance if You’ve Never Flooded

Just because your home hasn’t flooded in the past doesn't mean it will never flood in the future. Climate change, urban development, and changes in weather patterns can increase the risk of flooding even in traditionally safe areas. Relying on past experiences can be a risky approach to your home’s protection.

Understanding the realities of flood insurance can keep homeowners informed and prepared. It's essential to look past the myths and make informed decisions to protect your property. Take the time to assess your risk, review your insurance options, and call us today to discuss a flood policy. Flooding can occur without warning and making sure you have the right coverage in place can be the difference between recovery and financial distress. 

Stay safe, informed, and consider how flood insurance could be a vital part of your financial safety net!

​As you purchase gifts this holiday season, don’t forget to protect any valuables you buy.  Make it a Happy and Safe New Year!

And as always, do not hesitate to reach out with any questions or for a complimentary coverage review. We’re here to help. 

​When it comes to protecting your home and belongings, understanding your insurance options is crucial. Two common types of coverage are replacement cost value (RCV) and actual cash value (ACV). 

To help clarify your options, we've prepared an overview of these coverages. Swipe through to learn more. 

Contact us today to discuss your coverage needs and find the best solution for your peace of mind.

​As 2025 kicks off, it’s the perfect time to refresh your homeowners insurance and make sure you’re fully covered against winter’s unexpected challenges! ❄️ 

With this in mind, we have put together a quick breakdown of what your policy should include. Have questions or want to discuss your options? Contact us today!

The time has come…do I keep renting, or do I buy? I've been renting various apartments for most of my life because it's been easy and convenient. However, since I've decided to stay in my city long-term, there's no reason not to start looking at homes on the market. From a financial perspective, it's a lot smarter. I would rather build equity with a home than continue to pay for something I'll never own. I was talking with a friend about home ownership, which is when she mentioned getting a condo, instead! The more I considered it, the more I started warming up to the idea of living in one - so I decided to make a pros and cons list for you and me!
Pros of owning a condo:Amenities at my leisure.Along with owning a condo, you have several different condo amenities available to you, which may include a fitness center, pool and play area for children.
No more outdoor maintenance.The last thing I want to do when I get home from work is mow the grass and work on landscaping. Thanks to the homeowner association, I will no longer have to do any yard or exterior work on my building (that includes the roof!). Also, depending on your association agreement, they may also cover snow removal.
Lower price tag.Buying a condo is more affordable than buying a single-family home. The number, of course, depends on the size of the condo, and the cost of living in the area.
More Security.Certain condos provide gated entries, doormen, or even security guards for their residents. This is very important for someone who lives alone. Also, being in close proximity to your neighbors is beneficial if you ever have an emergency or feel like you're in danger.
Cons of owning a condo:Homeowners' association fees.All of those fabulous amenities, maintenance and other services are only available because of the HOA fees you have to pay every month. Yes, this is on top of paying your mortgage. The fees can range from a $200 to a thousand dollars or more a month and can be raised at different times throughout the year.
You must live by the rules.Condo associations have a set of rules to keep the building well-kept and everyone happy. The rules are often things like no loud music after 10 p.m., keeping up the appearance of your home at all times, and in some cases, no pets allowed. They can even enforce what color they want to paint the exterior of your condo, and you have no say in the matter.
Not as private.You are very close to your neighbors, so sometimes it can feel like nothing is private. Along with sharing walls, you share parking, pools, tennis courts, etc. There are probably times it will have the same feel as living in an apartment. There is such a thing as detached condos, but that comes with a higher price tag.
Condos appreciate at a slower rate.This is because when you own a condo, you don't own any land, which is a key factor that increases a home's value. Instead, you only own the inside of the unit. I don't plan on living in a condo forever, so this was a big thing to consider.
In addition to my list, I'm getting some insight from people who currently live in condos to hear what they like, and don't like. If you currently live in a condo, feel free to share your experience in the comments below!

1. https://money.usnews.com/money/personal-finance/articles/2016-06-26/3-reasons-to-buy-a-condo-and-3-reasons-to-beware
2. https://www.moneycrashers.com/pros-cons-buying-condo/