Navigating the Stormy Waters of Affordable Flood Insurance

Experts have projected that as many as 23 American states may be affected by flooding before May of this year.

If your home is in one of these affected areas, it may be a good idea to buy flood insurance. If you’ve never purchased flood insurance before, there are certain things you should know.

Read on as we tell you all you need to know about finding affordable flood insurance.

Do I Need Flood Insurance?

Flood insurance isn’t legally required (like, say, motor insurance in some states). However, if you live in an area where floods are common, you should carry it.

Bad flood damage can leave your home in ruins. If you don’t have cover, you could face financial destitution after a flood.

Even in less extreme cases, damage to the value of several thousand dollars is common. Think of all the electronic goods on the ground floor of your house!

If you live in a flood plain and you have an outstanding mortgage on your property, your lender may require you to carry flood insurance.

What Does Flood Insurance Cost on Average?

Flood insurance premiums vary widely. Yours will be based on a number of factors.

Predictably, the most relevant factor will be your likelihood to suffer flooding damage. If your property is in an area that floods regularly, your premium will be higher than if it was in an area that rarely experiences flooding.

The elevation of your property is another important consideration. The higher the important parts of your property are above street level, the less likely they are to flood, and the lower your premium will be.

Other relevant factors are the contents of your home, the way it is constructed, and your deductible.

The overall average premium for flood insurance is reportedly $700.

What Does Flood Insurance Cover?

Flood insurance covers most damage that results from flooding. Flooding can be from excessive rain, a river overflowing, a hurricane, or melting snow and ice.

Floods from the failure of man-made structures, like dams, may also give rise to a claim.

Damage to the structure of your house will be covered, as will damage to its contents. This includes heavy fixtures such as white goods, but also smaller electronics, jewelry, and artwork.

There are certain things that are not covered, however. Generally, any damage suffered within 30 days of the taking out of a policy will not be recoverable.

How to Find Affordable Flood Insurance

Your insurance provider may be the most relevant consideration when trying to minimize your bill. Look around for different providers and research their websites to get more information.

Get the Protection You Need

Affordable flood insurance is out there if you know how and where to look for it. Even if your premium ends up being higher than you would have liked, remember that it’s always going to be cheaper than paying for flood damage repairs yourself.

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