From hurricanes reshaping the shoreline to rivers pretending they are lakes, we all know flooding can be totally devastating. What most people don't know is around 20% of flood claims actually come from areas NOT in high-risk flood zones! To figure out whether you should have flood insurance, start by answering these 2 questions:
The cost of your flood insurance is going to depend primarily on the risk zone of your property and the amount of coverage that you purchase. If you are buying through the National Flood Insurance Program, the maximum limits available on your building and personal property are $250,000 and $100,000, respectively. Here are some benchmark estimates:
In 2016, there were 59,332 paid flood claims with an average amount of $62,247. In other words, about 1 in 100 households carrying flood insurance filed a claim that year. While your odds of experiencing flooding in any given year may seem quite low, over a long period of time, the chances of having a significant flood loss grow.
To purchase flood insurance, ask your home insurance agent if they sell Federal Flood Insurance (there are also a few private flood insurance companies out there as well, such as Chubb and Firemans Fund).
Alternatively, you can fill out my home insurance application and get a free flood quote included in your coverage options.
At your service,