Michigan, the Great Lakes State, is known for its prolific water resources: lakes, rivers, and abundant waterways. Water is undeniably beautiful. Many people choose to live on the water because it’s both calming and great for boating and other water sports. Unfortunately, it can also pose a significant risk of flooding to both homeowners and renters. Despite this risk, many overlook the necessity of flood insurance, assuming their standard homeowners or renters insurance policy will cover flood damage. In this blog we will talk about why flood insurance is a safeguard for Michigan residents, what the risks of forgoing this coverage are, and how to obtain it.
Understanding Michigan's Flood Risk
If you live in Michigan, you know that water is a regular part of life here. We get plenty of rain and snow. Michigan's unique geographical features also create various types of flooding, including:
Spring Flooding from Snow Melt - Runoff from snow melt at any time, even in the middle of winter, can overwhelm rivers and drainage systems, leading to flooding.
Heavy Rainfall - Intense or prolonged rain storms can lead to flash floods, especially in areas with poor drainage or near rising rivers.
Ice Jams - During the colder months, chunks of ice can block the flow of rivers, causing water to spill out of the riverbanks and flood surrounding areas.
Many Michiganders are unaware of their potential vulnerability to flooding, especially those who do not live in designated high-risk flood zones.
The Gap in Standard Insurance Policies
A common misconception that homeowners and renters have is that standard insurance policies cover flood damage. The reality is that most policies typically exclude flood damage, leaving residents without protection when a flood strikes. This gap in coverage can lead to significant financial pain. Repairing the damage to your home and replacing belongings after a flood can be very, very costly.
The Value of Flood Insurance
Flood insurance provides homeowners and renters with a crucial safety net, offering them peace of mind and financial protection. Here are some key reasons to consider adding flood coverage:
Comprehensive Protection: Flood insurance covers damage to your home's structure and belongings caused by flooding, giving you much more protection than standard policies offer.
Affordability: While the cost of flood insurance varies based on your location and the level of coverage, the National Flood Insurance Program (NFIP) offers affordable policies for both homeowners and renters.
Recovery Support: Beyond financial compensation, having flood insurance means support during the recovery process, helping your family rebuild and replace lost items more quickly and with less stress.
Obtaining Flood Insurance in Michigan
Michigan residents can purchase flood insurance through either the NFIP or private insurers. Here's how to get started:
A good first step would be to use FEMA’s Flood Map Service Center to help determine your property's flood risk. From there you can decide whether you would like an NFIP policy or prefer to go through a private insurer. NFIP policies offer up to $250,000 for property damage and $100,000 for personal property. Private insurers often offer higher limits.
If you have questions about flood insurance, speak with an insurance agent who can help you understand your options and navigate the process of obtaining coverage.
Floods are natural disasters. They often occur unexpectedly and wreak havoc on unprepared communities. For Michigan residents, the risk posed by the state’s extensive waterways makes flood insurance a wise investment. By adding flood insurance to your other coverage, you can protect yourself and your family from the financial and emotional toll of flood damage.
Don’t wait for the next flood warning to consider your options - contact us at Navisure Insurance Group today.
COREY VANDERMEER | PRESIDENT
Corey started his insurance career in the claims department for a national carrier and learned the basics of insurance coverage and how it’s applied. From there he decided to take the jump into sales and joined an independent insurance agency. Here he learned how to build coverage around the needs of each individual and cater to every client. When Corey decided to start an insurance agency he did so with the intention of simplifying the process of getting insured. With a focus on technology and simplicity; his goal was to create an insurance agency that was different from those currently dominating the market place.
When he’s not working, Corey enjoys golfing, fly fishing and spending time with his wife and kids. Together they enjoy traveling to Northern Michigan and to his wife’s hometown of San Francisco.