5 things you should know about flood insurance

Over the past 50 years, every state has experienced flooding or some sort of flash flood. This means that as a homeowner or renter, you don’t have to live near a body of water to be exposed to the dangers of flooding. Heavy spring rains, a sudden thunderstorm or melting snow from the mountains hundreds of miles away can be enough to cause rising water and flooding in the most unexpected places.

The Midwest frequently experiences river flooding, the Northeast can suffer Nor’easters and spring melting, and the West Coast frequently has flooding from November through March. A flash flood can bring a wall of water anywhere from 10 to 20 feet high. A few inches of water from a flood can easily cause tens of thousands of dollars in damage. If you’re a homeowner, the purchase of flood insurance is mandatory if the property is located in a high-risk flood area, and some lenders can still require it if you live in an area with a lower risk of flooding.