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Is There a Greater Need for Flood Insurance Now?

Posted April 28, 2023 in Flood Insurance

3 Minute Read: 

“Do I need flood insurance on my home?” This question is coming up more and more in the wake of an unprecedented number of national disasters across the globe.

You may think that your area is safe, but your home may be at higher risk today than in the past. 

Here’s how to find out whether your home is in a flood zone, whether you should carry up-to-date flood insurance, and how to get the best insurance in case of a natural disaster.

Leaking water in an apartment near a window.

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Concerned about your home’s safety? Contact Gallant Risk, LLC, today to learn more about flood insurance protection! Our experienced and caring agents are ready to help.

Floods Are On Rise. But Not Everybody Is Protected

Floods are on the rise worldwide, with coastal areas seeing the most significant increase in flooding. 

Unfortunately, as of 2022, more than 400,000 Americans had dropped their flood insurance, according to FEMA (Federal Emergency Management Agency) records

Part of this is due to financial reasons, with immediate income being the priority among many families; however, this dip also reflects dissatisfaction with national flood insurance programs.

That’s why you can benefit from a private insurance agent who can guide you with your next steps.

What Is a “High-Risk” Location?

FEMA defines a high-risk flood area as a location with a 1% or higher risk of flooding in a given year.

If your home’s location is at this degree of risk, you must carry current flood insurance.

How Much Does Flood Insurance Cost?

Flood insurance costs depend upon several factors; however, the two most important are:

  • Where you live
  • Your rating based on risk factors (ask your insurance agent)

Your agent can explain what has determined your rate and get you the best flood insurance rates to save you money while ensuring you’re protected.

Do You Need to Have Flood Insurance on Your Home?

The necessity for floor insurance coverage depends upon where you live. For example, flood insurance is not required in California unless you live in a flood zone.

Your flood insurance agent can perform a risk assessment to help you determine whether your location needs flood insurance using FEMA flood maps and other metrics. Always choose a flood insurance agent who can guide you in this area.

While flood insurance is required for some, other households are opting for this protection even if it’s not legally required. 

With home repairs becoming costlier than ever, we believe that’s a smart move. The reality is that paying out of pocket for flood-induced damage can devastate one’s savings. For example, just one inch of flood damage in your house can cause a staggering $25,000 or more worth of damage.

What Does Flood Insurance Cover?

Flood insurance helps cover the cost of repairing or replacing your home and belongings.

This can include:

  • The structure of your home, including the foundation
  • Your electrical system
  • Your plumbing system
  • Cabinets, bookcases, and wood paneling
  • Detached garage
  • Certain personal belongings such as clothing, electronics, furniture, valuables, and your refrigerator and freezer

There are certain things your flood insurance may not cover, such as paper currency, outdoor furniture, and cars. Ask your flood insurance agent what your policy does and doesn’t cover so you’re prepared in case of a flood.

What About the National Flood Insurance Program (NFIP)?

The NFIP is an alternative option to private insurance. Unfortunately, hundreds of thousands of Americans dropped their NFIP insurance as of the most recent data. This may be due to the following:

  • A perceived need to lower expenses for non-immediate needs
  • Limits on building coverage ($250,000)
  • Limits on home coverage ($100,000)
  • No replacement cost (cash value only)

For these reasons and others, private insurance may be your best option. Call your agent today to find out how you can get coverage.

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