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Is Flood Insurance a Smart Choice for Me?

Updated: Apr 8, 2019

​Everyone lives in a flood zone. It's just a matter of how much risk of flood there is. Twenty percent of all flood insurance claims happen in moderate-to-low flood zone risk areas. Here’s something important that not everyone knows: your homeowners insurance doesn’t cover flood damage! It only covers water falling from the sky. Once water touches the ground and enters your home, it’s a flood, and only flood insurance will pay for the damage caused. If you have a mortgage on your home and you live in a high-risk flood zone, in most cases, your lender requires you to buy flood insurance. However, if you live in a moderate- to low-risk zone, and your community belongs to the National Flood Insurance Program (most do), then you have the option of buying it. You need to know: more than 20% of flood insurance claims come from moderate-to-low zones… that’s an astounding 1 out of 5. “So, how much does it cost?” Federal flood insurance can cost just a few hundred dollars or as much as $10,000 a year, depending on your risk factor. The average flood claim is $30,000 But if you live where the water rises so high that emergency responders have to cut roof holes to rescue people, your potential flood loss could be quite a bit higher. Cost of damage to a 2,000-sq.-ft. home by 6 inches of floodwater:

Finished floor, wood carpeting $15,870

Doors, base trim, windows$2,150

Electrical, plumbing$320

Cleaning $2,000

Kitchen and bath cabinets$4,500


Washer, dryer$150

Repairs to furnace / AC$270

Bedroom Furniture$1,800

Kitchenware and food$330

Living room furniture$2,700

Computer accessories$1,100

Media equipment$150

Accent Furniture and accessories$450

Personal Items $650


1,000 sq ft home is $20,150

If You Decide You Want to Purchase Flood Insurance To get an idea of how much coverage you’ll need, create a home inventory and then estimate the cost of repairing or rebuilding your home. Together, those two figures are your total potential loss. A federal flood policy would cover rebuilding costs up to $250,000. You can also get a NFIP to cover up to $100,000 in possessions. One or both of those. FEMA’s online flood map locator can estimate your premium and help you find an agent who sells federal flood insurance in your community. Questions you can ask a Team Member here at CH Insurance: •What does the flood insurance cover, precisely? •Are there additional expenses or agency fees? •Will my policy insure me for the actual cost of replacing items, or just what the items are valued at? •Can my zone change, and therefore, my rates? The NFIP is reworking its maps, which is resulting in some potential rate changes. It’s important to be aware of the differences between a standard property policy and a flood one. CH is in your corner!

Five star customer service from CH Insurance.  In your corner.

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