Posted in: Buying a home, Homeowner tips

How to determine your need for flood insurance

Do you need flood insurance

Key insights

  • Even if you have homeowners insurance, you will need to purchase a separate insurance policy to be covered in the case of flooding.
  • National resources allow you to assess your property’s flood risk and to get one-on-one help from flooding experts.
  • The cost of flood insurance is not as high as you might expect. In fact, the typical flood insurance policy will run you about $60 per month, while protecting you from tens of thousands of dollars in potential damage.

A general homeowners insurance plan does not typically cover flood insurance. If you are in an area that is at risk of flooding, it’s important to determine your potential for flooding and to secure a separate flood insurance policy.

Here are insights you can use to determine if you need flood insurance and how to secure it in time for the winter thaw.

Assessing your flood risk

According to the National Flood Insurance Program (NFIP), anywhere it rains has the potential to experience flooding. Flooding can be started by a variety of weather conditions, including hurricanes, outdated drainage systems, severe rainfalls or spring snowmelt.

To check your flood risk, enter your address into the Federal Emergency Management Agency (FEMA) site, where you’ll receive a flood map for your area. It can be complicated to assess your risk from the flood map, so FEMA map experts are available to walk you through the map on weekdays. See contact information and hours for the FEMA flood map specialists.

Remember, even if you are in a low or moderate risk area, it can be wise to purchase flood insurance. According to the Department of Homeland Security, 20 percent of flood insurance claims come from these low-to-moderate risk areas, and they also receive nearly one-third of disaster assistance for flooding across the country.

Getting flood insurance

While many people believe that flood insurance is prohibitively expensive, the NFIP states that the average flood insurance premium in 2018 was just $707. Meanwhile, the average flood insurance claim as of 2017 was $39,000 — meaning that anyone at risk of flooding should seriously consider flood insurance to provide security to their home and finances.

Most flood insurance policies go into effect after 30 days, so it’s important to explore and secure coverage before the snow melts, or your property is at risk of water or flood damage.

To determine the cost and coverage of flood insurance for your home, contact an Edina Realty Insurance representative today.

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