Hurricane season is here, and with it comes the threat of storm-related flooding. Don’t think that you’re not at a risk of flooding just because you’re not on the coast. Several parts of Columbus are at risk of flooding. Check the risk in your area.
Determine your risk and your risk tolerance. Local storms may cause extensive flooding due to a rise in creek, river, or lake water. If live in an older community, a soaking rain can overwhelm the capacity of the community’s drainage system.
If you live in a newly developed area, developers likely removed trees, farmland or greenspace to build. Blacktop and concrete leave drenching rain with nowhere else to go except down your street, in your basement and destroying your possessions. Federal coverage is reserved for large-scale natural disasters, not local tragedies.
A common misconception is that homeowners insurance covers flood damage, but that’s not always the case. Typically, a homeowner’s policy is going to cover broken pipes, a septic break in your basement or water that comes through a sump hole, but not flooding from acts of nature.
While anyone can get flood insurance whether they live in a high-risk flood zone or not, businesses or homes with a mortgage are required.
The cost of flood insurance premiums is wholly dependent on the risk. For example, a home that’s not in a flood zone looking for full coverage on building ($250,000) and content ($100,000) protection is most likely looking at somewhere around a $500 annual premium; that’s just $41.67 per month.
However, a similar structure seeking identical coverage that is in a flood zone faces a higher premium; around $5,400 annually or $450 per month. Flood zone location isn’t the only factor. The design and age of the home play a role as well. The main concern from clients looking to buy flood insurance seems to be if the premium is worth the randomness of major flood events.
If you feel like you have any risk and you can afford the premium, you should buy flood insurance. We’ve all heard the saying “it’s better to be safe than be sorry.” Well, that’s definitely true when it comes to flood insurance. Trust me, you don’t want to find yourself trying to recover lost items and dealing with the fallout from a major flood without insurance.
Get the details you need to make an informed decision. Quotes are free of course.