How much does flood insurance cost? Not as much as you think.

How much does flood insurance cost? Not as much as you think.

Flood InsuranceWith the recent storms, we’re getting lots of calls asking one simple question:  “How much does flood insurance cost?”  The answer is usually “not that much”.  Of course, if you become a victim of a flood, the cost of flood insurance seems downright tiny.  But if is so inexpensive, why don’t more people carry it?  The simple answer is most people think they are not at risk for a flood, when in fact the opposite is quite often the case.  Given the right circumstances, just about every property is at risk for a flood.

Even properties that “can’t flood” can flood.

Many people are under the impression that their home could never flood because it sits on higher ground than most or all of the surrounding properties.  But flood is more than just rising water that envelops entire neighborhoods.  Besides the obvious “40-day/40-night” scenarios where we are deluged for an extended period of time, we also experience more flash floods like this month.  Properties that don’t normally accumulate water, all of a sudden can flood when normal runoff/drainage paths become clogged with debris.  In those scenarios, homes and businesses can go from dry to swamped with water in just a few minutes.

How much does flood insurance cost?  Usually not as much as you think.

Most homes are in preferred zones so flood insurance can be had for as little as $129 per year.  Even higher levels of coverage still only cost less than $1/day in a preferred zone.  Why does flood insurance cost so little in most areas?  Simply because those areas are not ones where rising water tends to accumulate.  However, as we pointed out that doesn’t mean they can’t flood.

How much would flood insurance cost for your home?

Quite simply, if flood insurance is not required by your lender, chances are it will be pretty inexpensive for your home because high-risk properties are typically required to carry flood insurance.  To get a pretty good estimate, you can go here:  Floodsmart.gov

How much does NOT having flood insurance cost?

Think about your home…  How much would it cost to replace and paint every piece of drywall?  Now how much would it cost to replace everything that touches the floor?  Furniture, electronics, appliances, cabinets, doors, carpeting…  As you can imagine, you’re talking about claims that are often in the hundreds of thousands of dollars.  One thing for sure, if you do sustain a flood, you will think that just about any flood insurance cost is inexpensive.

How can I get an accurate flood insurance cost quote for my home?

That’s simple, click here to contact us.

 

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