Flood Insurance
"There is a possibility that ANY home/area can flood, but being in a flood zone does raise the risk. Look at the property's documents, you can see how long the owner's have lived there (if they lived there for years, odds are nothing major), if they're new owners and want out already, eek. You can see how long it's been for sale, if there has been any damage/floods to the home...etc. That can't predict the future (anything can happen) But it can give you an idea on what to expect in the property and what has effected it already." -Unknown
Flood insurance is a type of coverage that pays for the damage caused by flooding to your property and belongings. It is usually not included in standard homeowners or renters insurance policies, so you may need to buy a separate policy from the National Flood Insurance Program (NFIP) or a private insurer. Here are some ways to save on flood insurance according to different sources.
- **Shop around for flood insurance**. You may have options to buy flood insurance from different providers, such as the NFIP, private insurers, or surplus lines insurers. You should compare the rates, coverages, deductibles, and exclusions of different policies and choose the one that best suits your needs and budget.
- **Choose a higher deductible**. A deductible is the amount of money you have to pay out of pocket before your insurance pays for a claim. Choosing a higher deductible can lower your premium, but it also means you will have to pay more if you have a flood loss. You should choose a deductible that you can afford to pay in case of an emergency.
- **Provide an elevation certificate**. An elevation certificate is a document that shows the elevation of your property relative to the base flood elevation (BFE), which is the level of flooding that has a 1% chance of occurring in any given year. The higher your property is above the BFE, the lower your flood risk and premium. You can get an elevation certificate from a licensed surveyor, engineer, or architect who can measure the elevation of your property and fill out the required form.
- **Retrofit your property with flood-resistant features**. You can reduce your flood risk and premium by making some improvements to your property that can minimize the damage from flooding. For example, you can install flood openings, vents, or breakaway walls in your basement or crawlspace to allow water to flow in and out without causing structural damage. You can also elevate your utilities, appliances, electrical panels, and other items that are susceptible to water damage above the BFE or on an elevated platform.
- **Live in a community with a Community Rating System (CRS)**. The CRS is a voluntary program that encourages communities to adopt floodplain management practices that exceed the minimum NFIP standards. Communities that participate in the CRS can earn discounts on their flood insurance premiums based on their level of activity and performance. The discounts range from 5% to 45%, depending on the community's CRS class. You can check if your community participates in the CRS and what class it belongs to here.
- **Update your policy annually**. Your flood insurance needs and circumstances may change over time due to life events such as moving, remodeling, adding or removing contents, or filing a claim. You should review your policy at least once a year and make any adjustments that reflect your current situation. You may be able to lower your premium by reducing your coverage amount, changing your deductible, dropping unnecessary riders, or switching to a different provider.
ARTICLES:
Why You May Need To Consider Flood Insurance
How Much Does Flood Insurance Cost? Compare Premiums ... - Insider. www.businessinsider.com/personal-finance/how-much-does-flood-insurance-cost.
9 Ways to Lower Your Home Insurance Cost - NerdWallet.www.nerdwallet.com/article/insurance/save-on-homeowners-insurance .
Reduce Risks, Cut Cost of Flood Insurance - FloodSmart. www.floodsmart.gov/how-can-i-pay-less.
10 Ways To Save On Flood Insurance Coverage | InsuraMatch. www.insuramatch.com/learning-center/10-ways-save-flood-insurance.
The Lazy Way to Save Money On State Farm Flood Insurance. www.betterflood.com/state-farm-flood-insurance-your-viable-alternative-to-save-money/.
Floodsmart provides flood insurance, flood zone maps, floodplain maps and flood information to help protect your home from flooding and elevated water tables
Flood Insurance: FEMA.gov : know the benefits of flood insurance.....Did you know that just one inch of floodwater can result in $25,000 in property damage? Whether it’s your home or business, flood insurance can cover unexpected damages to your property. The National Flood Insurance Program (NFIP) provides federally-backed insurance through a network of 60 insurance companies. Explore resources that can help you find insurance and understand what to do in case a flood strikes. Then, search for a provider and apply for an insurance plan that meets your needs.
Learn how Flood Factors are calculated : Flood Factor® considers flooding from rain, rivers, tidal, and storm surge to determine the risk of water reaching the building over a 30 year period.
Got Flood Insurance? You Probably Need It