Home flooded in San Tan ValleyConsidering we live in a place that only averages about 8 inches of rain a year, do we really need flood insurance?
"I would be more comfortable carrying flood insurance because it satisfies me as a client. As an agent, I prefer most of my clients to carry flood insurance," said Steven Sivik of Bizsmart Insurance Group in Gilbert.
With a higher frequency of flooding monsoon rains this year, more homeowners are definitely considering it - and for good reason, as the average flood costs a homeowner about $35,000 in total cost and damage.
But there is often confusion about what is covered by homeowners versus actual flood insurance.
"It's going to cover the actual single family home. It's going to cover either on an actual cash basis or replacement cost basis. You also have the option to include contents, which are your personal items," added Sivik.
So although we live in the desert, it really boils down to your level of comfortability, and what you're willing to risk.
"My suggestion would be to write down a list of things for your insurance agent and say 'Hey, are these covered, and what happens if this happens?'" said Sivik.
If you have any questions regarding flood insurance, you are welcome to contact Sivik at ssivik@bizsmartbs.com.
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