Did you know that 37% of American homeowners have suffered some kind of loss from water damage? Water flood damage is more common than you think. It only takes a small amount of water to cause serious problems.
Many renters and homeowners never consider that flood damage is a possibility, especially if they live in areas that aren’t prone to flooding. While flooding may be unlikely, it’s not impossible unless you live in a high-rise building.
So what should you know about flood damage as a renter? Let’s talk about it. Keep reading to learn more.
1. It Can Cause Health Problems
Everyone knows that flood damage affects property and belongings, but it can also cause health problems if your landlord doesn’t get a full flood damage restoration.
Water damage can lead to mold, which has the potential to lead to problems with air quality. Mold leads to more mold, and it’s often unnoticeable until it’s been present for a while.
Flood damage can also lead to electrical issues, which pose a safety threat.
2. It’s Expensive
Flood damage is one of the most expensive things that can happen to a home. If someone doesn’t have flood insurance, damage can cost thousands of dollars (and potentially tens of thousands).
This is why flood insurance is so important for property owners, but what about for renters?
3. What Renters Are Responsible For
Property owners are responsible for the vast majority of flood damage costs and flood damage repair as long as the tenant is not responsible for the flood. If the flood was not from a natural disaster, and instead from a careless mistake, this may change. Renter’s insurance can cover some of these costs.
For standard floods, however, renters still have responsibilities. Most of the time, normal renter’s insurance won’t cover anything beyond basic damage.
As a renter, you have to consider all of your belongings. Flood insurance for renters is the best way to cut down on costs. The landlord will not be able to restore anything that they don’t own.
4. Flood Damage Will Get More Expensive
Believe it or not, the high costs of flood damage are set to increase in the future. This isn’t just due to rising insurance and restoration costs (though this is a factor. Instead, it’s due to nature.
Due to rising sea levels and an increase in major destructive weather events, it’s possible that the cost of flood damage is going to increase by over 60% within the next 30 years.
If you’re in a flood-prone area, it’s more important than ever to protect your assets.
Prepare Yourself for the Possibility of Flood Damage
No matter how safe and dry your area is, it’s always a good idea to prepare yourself for flood damage. Flood insurance is a worthwhile investment for renters and homeowners alike. It will dramatically reduce the cost of flood damage restoration so you can protect your assets and belongings.
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