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Understanding Flood Insurance
You know the feeling: the steady pitter-patter of rain on the roof, the flickering lights, the streams of water rolling down the street. It’s the prime time for a flood, which is one of the most potentially damaging natural disasters that there is. Experts say that just one inch of water in a house can cost up to $25,000 in damages, so if you value your possessions and your pocketbook, it might be time to buy flood insurance.
What types of insurance are there? Most homeowners policies do not actually include flood coverage, so up to 80% of homes that are vulnerable to flooding are left unprotected against damages. There are two basic kinds of flood coverage: private flood insurance and federal flood insurance. Due to the adverse selection bias, many private insurers are reluctant to offer flood insurance, but luckily the federal government’s National Flood Insurance Program (NFIP) policies can be purchased from many brokers nationwide. Many of these federal flood packages are only available to people living within communities that participate in the NFIP, so it’s best to ask your agent if your community participates.
How much does flood insurance cost? It really depends on your individual situation. Getting a flood insurance quote is the best way to find out what your level of risk is, which is the best way to estimate how much you’ll be paying. It also matters what type of insurance you’ll be getting — some types of insurance only cover the building and structure, while some more expensive packages allow policy holders to protect items inside the house such as furniture, electronics kitchen appliances and personal belongings. Flood insurance rates can really fluctuate if homeowners want to protect many individual items, or if they just want basic coverage for external electrical and plumbing systems.
It’s easy for homes outside of high-risk flooding zones to have a false sense of security about flooding. However, it is believed that nearly a quarter of all flood claims come from people dwelling outside of these zones. If your homeowners insurance does not cover flooding, it’s best to contact one of our agents directly by phone or get an online flood insurance quote from our website.
Having flood coverage can mean the difference between going bankrupt and losing your home, or recovering in a matter of months. Flooding is always the same — the only difference is how we prepare, and how we respond. Talk to an agent today to request a quote!
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