Whether you live in a low-elevation area or not, you could be subject to flood damage. Any place can be at risk depending on how much rain comes and how quickly. Many people skip the flood insurance option or take a bare-bones package. However, these options will not protect your personal property, and in some cases, may not even cover structural damage due to flooding. When it comes time to use it, flood insurance will have been worth the cost.
Will your homeowner’s insurance help if floodwaters rush in? Unfortunately, homeowner’s insurance will not cover you if you suffer from flood damage in most instances. For example, if a storm damages a portion of your roof and rainwater damages your home, then you should be covered. However, if floodwaters rise from a river or stream, you will not be covered. As a result, if you are concerned about flooding, you should purchase flood insurance.
Flood insurance covering structural and personal damage from flooding will cost the average homeowner around $500 – $800 per year. With this coverage, you won’t have to worry about the cost of replacing your carpet or furniture. However, if you are in a designated flood zone, you may pay a higher yearly fee. In some areas, you may have to pay as much as $1,500 or more.
Low-Cost Flood Insurance
How about cheaper flood insurance? There are options available to purchase less expensive flood insurance for around $300 per year. A low-cost flood insurance policy will cover you if the flood causes structural damage to your home. On the other hand, less expensive flood insurance will not cover your personal belongings. If you are not concerned about replacing the individual items in your home, then this level of flood insurance may be a good option.
Drain Backup Insurance
If you can’t afford either of these options but would still like some additional peace of mind, there is another option. You can purchase drain backup insurance. With drain backup insurance, you can be protected from flood or sewer waters that back up into your home. The cost for this service can be as cheap as $5 per month as a rider to your homeowner’s insurance.
Flood insurance is an excellent way to protect your home and personal belongings, but there are also options to prevent flood damage in the first place. For example, if you are concerned about flooding, elevation may be a good option for you.