Earlier this month we talked about hurricane season and a few things you need to do to prepare. Today let’s dive a bit deeper into the topic of flood insurance.
Most homeowners and renters insurance plans do not cover flood damage. And when just one inch of water can cause $25,000 in damage to your home, this is a problem. Some people in Chesapeake are required to have flood insurance because of where their homes are within the FEMA designated flood map. But just because you’re not required to get flood insurance, doesn’t mean you won’t have to deal with flooding. In fact, over 90% of the flood damage in Chesapeake from Hurricane Matthew occurred outside that mandatory flood insurance area. So we encourage you to at least look into the option of getting flood insurance.
I live in an area of Chesapeake that isn’t required to have flood insurance so I recently talked to my insurance agent about opting in. I was shocked at how cheap it was. For just around $500 each year, I can get $350,000 in coverage. For me, that’s a small price for the peace of mind it gives my family.
A few things to note. Flood insurance takes 30 days to go into effect. So you don’t want to wait for a storm to be in the forecast to look into it. And you’ll be required to pay in a lump sum as opposed to monthly payments so you may need to plan ahead for that as well. Learn more at FloodSmart.gov or contact your insurance agent.