For Florida homeowners, living by the water can be a dream come true. Florida’s unique terrain provides homeowners with some of the most sought-after water landscapes in the world. However, this dream can quickly turn into a costly nightmare for homeowners if they are unprepared in the event of a flood. Homeowners insurance may cover you for water damage from a leaky pipe, but it doesn't protect you from flood waters courtesy of Mother Nature. Here’s how and why you should check your home's flood risk.
Why You Should Check Your Home's Flood Risk
What you don’t know can hurt you. If you’re convinced checking your flood risk isn’t worth your time, consider these flood facts:
Your home has a nearly 25% chance of being damaged by a flood during the course of a 30-year mortgage, compared to a nearly 10% chance of fire.
According to Floodsmart, a 2,000 square foot home undergoing 12” of water damage could cost more than $50,000 to repair.
Don’t wait till it’s too late. According to FloodSmart.gov, it usually takes 30 days after purchase for a flood insurance policy to take effect, so it's important to buy insurance before the storm approaches and the floodwaters start to rise.
According to FloodSmart.gov, federal disaster assistance is usually a loan that must be paid back with interest. For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2,880 a year) for 30 years. Compare that to a $100,000 flood insurance premium, which is about $400 a year ($33 a month).
If you’re buying a home in a high-risk area and have a federally-guaranteed mortgage, your mortgage lender requires you to have flood insurance.
Hurricanes and tropical storms are among the leading causes of floods in the United States.
How to Check Your Flood Risk
Now that you know why to check your flood risk, here’s how to do it.
Flood Damage Estimator – Use this Flood Risk tool to adjust the slider and see how much flood damage could cost you.
Check Your Flood Map – Whether you’re a homeowner or looking to buy a home, this tool will provide you with a visual of your property’s designated flood boundary and your area’s flood map number.
How to Get Flood Insurance Coverage
For most Floridians, flood insurance is the perfect complement to homeowners insurance to provide you peace of mind, especially during hurricane season. Talk to your local insurance agent about adding our Flood & Water Backup coverage. 80% of our customers can get this added coverage for less than $150.
While flood zones are a good indicator of risk, it is important to keep in mind that floods are unpredictable and often happen in a flash. Be sure to have a flood emergency plan in place for your family’s protection. To protect your home and your wallet, prepare yourself for Florida’s storm season with a flood insurance policy today.
Check out our Online Instant Quote to get an estimate on your flood coverage today.