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Flood Insurance Quotes Online
Our flood insurance quoting services are available to any homeowner living within the United States. We offer customers a turn-key solution which allows you to review and compare flood insurance rates from multiple companies. Our licensed flood insurance agents are ready to help answer any questions that you may have about your policy, coverage details and flood insurance programs. Not only do we provide great rates at affordable prices, but we also service your policy and any claim issues that you may have in the future. Take advantage of our flood insurance shopping service and get the coverage and protection you need today!
About Flood Insurance
You finally found your dream home and are getting ready to make an offer when your realtor alerts you that the home is in a flood risk area. While there is no reason to panic, it does pay to check out the flood risk rating and factor in the additional cost of flood insurance.
Buying a home in a flood plain can be a risk but a flood insurance policy can help mitigate those risks and give you peace of mind. Flood insurance policies can be expensive, depending on the flood risk factor but this extra expense will be a lifesaver if your home is ever flooded.
Why Consider Flood Insurance
A standard homeowners policy will not cover damages caused by floods so if you live in, or are considering buying a house, in a flood risk area you should definitely purchase a flood insurance policy.
The National Flood Insurance Program (NFIP), which was created in 1968, helps homeowners and businesses obtain flood insurance. These policies are backed and administered by the federal government but they are sold through regular insurance companies. The government sets rates so prices should be the same, choose a company that you are comfortable with and that will provide you with high-quality customer service.
If your home falls within a high-risk to moderate risk flood area, most lenders will require that you carry flood insurance. A typical residential flood insurance policy covers structural replacement costs up to $250,000. If you require more coverage, a separate policy from a private company will be necessary. There are only a few companies that offer this type of coverage.
Just a few other facts to consider if you are still on the fence about flood insurance. A home has a 26 percent chance of flooding, compared to a mere 9 percent for fire damage over a 30-year mortgage. Flooding can be expensive, according to the NFIP, over the last 10 years the average flood claim has been over $33,000, which will come out of your pocket if you don’t carry flood insurance.
While flooding can happen just about anywhere, certain areas are much more prone to serious flooding. In order to help communities, as well as homeowners understand the flood risk in their area, Flood Insurance Rate Maps (FIRMs) have been created. These maps break the flood risk into high-risk, moderate to low risk and undetermined risk areas.
High Risk – In these areas there is a 1 in 4 chance of flooding over the course of a 30-year mortgage. If you have a mortgage in an area designated at high-risk, your lender will require a flood insurance policy.
Moderate-Low Risk – While the risk is reduced in these areas, it still exists. According to National Flood Insurance Program (NFIP) statistics, these areas submit over 20 percent of the NFIP claims and are recipients of roughly one-third of all disaster assistance due to flooding. While federally backed mortgages in these areas are not required to carry flood insurance, most experts recommend it.
Undetermined Risk – There has not been a flood risk analysis done in these areas but the risk still exists. It is a good idea to consider a flood insurance policy for homes that fall into this category.
Flood Insurance Costs
Flood insurance policies will vary dramatically in cost depending on where your home is located. Obviously, high-risk homes will cost more to insure than a moderate or low-risk house.
According to Floodsmart.gov, the average cost of a flood insurance policy is currently $700 a year. Recently, the cost of flood insurance has been on the rise as the government has scaled back subsidies, pushing the cost of flood insurance closer to the actual cost of offering flood protection in these areas.
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