When it comes to protecting yourself and your property, it's best to take a very preemptive approach and natural disasters are a very real concern for pretty much everyone.

Many people do have homeowners insurance to cover possible damage to their homes; however, floods are rarely covered in homeowners policies, despite being by far the most common form of natural disaster.

If you're looking to get your property insured, then here's why you should seriously consider flood insurance.

How Common Are Floods? Why Are They Such A Problem?

By technical definition, floods are instances where areas that are normally dry experience a sudden increase in the level of water present, leading to saturation in the soil and eventually a significant amount of water accumulating above ground level.

Floods are an especially important natural disaster to keep in mind because they can happen pretty much everywhere rainfall occurs and happen with such regularity that they qualify as the most common type of natural disaster, causing an average of $8 billion worth of damage every year.

Besides the fact that floods aren't relegated to specific areas, they can be very problematic when it comes to getting the right insurance. Many insurance companies don't include flood insurance as part of their homeowner policy packages, despite what would be assumed by most people. This often requires individuals to specifically purchase flood insurance if they want to be covered.

What Exactly Is Flood Insurance?

Flood insurance is a type of insurance coverage that applies mostly to people's homes and pays for any property damages related to flooding; whether it be due to levees failing, high snow melt volume, torrential rains, etc.

Flood insurance comes in many different forms, although how much money worth of damage it costs as well as the rate at which you will be expected to pay for it will vary highly, depending on the area you live and where your home is exactly located. Some places are much more prone to flooding to others and that will be reflected in the price.

Where Can You Get Flood Insurance?

Fortunately, given the threat flooding poses to property, there are numerous flood insurance options available.

One of the most common ways to acquire flood insurance is through the National Flood Insurance Program (NFIP), which is run by the Federal Emergency Management Agency (FEMA). Most flood insurance is provided through private companies, although the NFIP makes sure that rates are highly regulated to properly reflect flood risk based on region.

Most companies that offer homeowners insurance offer flood insurance as well, so if you already have a homeowners policy, then contact your local insurance agent to see what options are available to you.

What Should You Look for in A Policy?

Every situation is going to be unique, but there's typically a few things you should look out for when getting a policy that suits your needs:

NFIP Coverage: Most flood policies are regulated by the NFIP, although there are still plenty of coverage options that are completely private. Why you should potentially consider completely private insurance has to do with the amount covered. NFIP policies are capped at around $250,000, meaning that if your property is of exceptionally high value, it's probably not going to be enough.

Waiting Periods: A lot of flood insurance policies have waiting periods, ranging anywhere from a couple days to a couple months. If you're especially worried about not having coverage, then it's a good idea to pick a policy that goes into effect more or less immediately.

Basement Coverage: It's common for insurance companies to not want to cover things that will end up costing them a substantial amount of money. As you can imagine, during a flood, basement areas are likely to experience a high level of damage. Due to this, many flood insurance policies don't cover equipment or items that end up sustaining flood damage if they're located in the basement. It's very good to take this into account when you get a policy or are considering where to store your stuff.

Getting Flood Insurance

Flood insurance is an important consideration if you're a homeowner and in many ways, it's hard to justify not getting it. Floods can happen anywhere and at any time, potentially costing you the integrity of your property and your life savings.