Grow Financial Federal Credit Union
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March 7, 2022

Why You Need Flood Insurance and What You Need to Know

If your home is located in a designated Special Hazard Flood Area, chances are, your mortgage lender requires flood insurance. If not, you’re off the hook, right? For purchasing flood insurance, yes. For a flood, don’t bet on it.

In 2021, there were 20 weather disaster events with losses exceeding $1 billion each to affect the United States, including two flooding events.1 About 90 percent of all U.S. natural disasters involve flooding, and Federal Emergency Management Agency (FEMA) says just one inch of floodwater can cause as much as $25,000 in damage  to a home.2

Sounds to us like flood insurance is a good idea. Here’s what you need to know about this valuable coverage.

Frequently Asked Questions About Flood Insurance

Doesn’t my homeowners insurance cover flood damage?
Most homeowners policies don’t. Flood insurance is purchased separately.

Won’t I get government assistance if I don’t have coverage?
Businesses can apply for a Small Business Administration loan, which must be paid back with interest. Homeowners may get a FEMA disaster assistance grant, about $5,000 on average. Compare that to your average flood insurance claim — about $30,000.

Who qualifies for flood insurance?
Homeowners, renters and businesses in communities that participate in the National Flood Insurance Program. Your community probably does.

What does flood insurance cover?
Flood policies are comprehensive, covering both your home and its foundation, electrical and plumbing systems, major appliances, carpeting, and personal possessions such as clothing, furniture and electronics.

Is flood insurance affordable?
Yes. Our affiliated insurance services provider, Quorum Insurance, LLC, offers Preferred Risk coverage at very reasonable rates.

Free, No-Obligation Quotes: Call 800.714.1447

Quorum is an independent agency representing a number of flood insurance carriers and their agents can match you to the right policy, at the right price. It’s coverage you can’t afford to be without. Call today or get a quote online.

1NOAA National Centers for Environmental Information (NCEI) U.S. Billion-Dollar Weather and Climate Disasters (2022). Accessed March 1, 2022.
2National Flood Insurance Program (NFIP). Accessed March 1, 2022.

Quorum Insurance, LLC is an affiliate of Grow Financial. Insurance products purchased through Quorum Insurance, LLC are not deposits of Grow Financial and are not protected by NCUA. They are not an obligation of or guaranteed by Grow Financial and may be subject to risk. Business conducted with Quorum Insurance, LLC is separate and distinct from any business conducted with Grow Financial. Grow Financial is in no way responsible for the services provided through this program.

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