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"Is Flood Insurance a smart choice for me?"

Flood Insurance
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.

Here’s another interesting fact: Everyone Lives in a Flood Zone. It’s just a matter of how much risk of flood there is.

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. This Consumer Reports video is a good guide to understanding the basics. CH is in your corner!

CH Insurance Family

CH Insurance based in Syracuse, NY provides commercial insurance, personal insurance, group benefits and is committed and passionate about the communities across Upstate New York that it serves. CH also is home to two national programs, one specialized for deaf-owned business owners, interpreters, interpreter agencies, offered through DHH Insurance, and one for home inspectors for professional liability insurance. BusinessFit is a specialized workplace wellness program CH has helped create to impact the health and well-being of your employees. Always in your corner, you can find CH Insurance online at CHInsurance.cc and share recommendations and read success stories in social media on Facebook, LinkedIn, and Twitter. Contact at CH Insurance by phone at 315-234-7500.


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