A Short Guide To Flood Insurance

Flooding is one of the most prevalent and costly natural disasters in the United States. Most homeowners will have to deal with flooding at some point and those living in coastal states may face it multiple times. When flooding occurs, it can be financially devastating, usually costing individual homeowners anywhere from $2000 to $5000 to repair the damage. It is not uncommon for homeowners to pay up to $25,000 in especially devastating cases. Luckily, you can obtain flood insurance to protect you from the financial damages of flooding.

What Is Flood Insurance?

Flood insurance is a type of insurance coverage that is designed to pick up the bill after you face flood damage. It can pay for repairs, replacement, and even temporary lodging if your home isn’t fit to live in due to flooding. Flood insurance is typically not included with standard homeowners’ insurance so you’ll have to purchase a separate policy.

How Much Does Flood Insurance Cost?

The cost of flood insurance can vary widely.  Insurance companies will look at a variety of factors when deciding how much to charge you. Some of the things they consider are:

  • Your location
  • Your claim history
  • Your proximity to any major bodies of water
  • Your home’s elevation

No one wants to deal with flooding and the damage that comes with it. Luckily, flood insurance can help make that process much easier and far less financially damaging.