The purpose of flood insurance is to insure your home so that when flood damages occur you have insurance that will pay for repairs. The purpose of getting flood insurance quotes is to assure that you will not overpay for that coverage.

Pros: Many home owners do not realize that home insurance policies do not cover damages caused by rising water. They cover damage caused by many other weather related incidences like wind and hail but they do not cover damage caused by rising water. Flood insurance is a completely separate policy than a home owner’s insurance policy.

If your home is damaged because of falling water (rain, hail) your home owner’s insurance policy covers the damage but if your home is damaged by rising water, your home owner’s insurance policy does not cover the damage. Many home owners have found out that bit of information the hard way. Let’s take a hurricane for example: if your home is damaged by the wind or the rain, your home owner’s policy covers it but if your home is damaged by the storm surge, you are not covered unless you have flood insurance.

Cons: People who are not in flood prone areas do not need flood insurance.

Guarantee: There is no guarantee offered and none would apply.

Value for money: Flood insurance is a very good value for those who live in flood prone areas.