By: Jeffrey Wood

As the snow pack melts there is potential for flooding in our area. Stream and river waters will rise as the weather starts to warm.  Here are some important highlights to consider when reviewing your flood risk.

Flood Insurance

No home is completely safe from potential flooding. Flood insurance can be the difference between recovering and being financially devastated. Just one inch of water in a home can cost more than $25,000 in damage—why risk it?

The Cost of Flooding

Flooding can be an emotionally and financially devastating event.  Without flood insurance, most residents have to pay out of pocket or take out loans to repair and replace damaged items.  With flood insurance, you’re able to recover faster and more fully.  Use the tool below to see how much flood damage—even from just a few inches of water—could cost you.

Do You Need Flood Insurance?

Here are some important facts to keep in mind:

  • FACT: Homeowners and renters insurance does not typically cover flood damage.
  • FACT: More than 20 percent of flood claims come from properties outside high-risk flood zones.
  • FACT: Flood insurance can pay regardless of whether or not there is a Presidential Disaster Declaration.
  • FACT: Disaster assistance comes in two forms: a U.S. Small Business Administration loan, which must be paid back with interest, or a FEMA disaster grant, which is about $5,000 on average per household.  By comparison, the average flood insurance claim is nearly $30,000 and does not have to be repaid

Here are helpful questions to ask your agent about flood insurance:

  • What flood zone do I live in? What is my property’s flood risk?
  • How long does it take for my flood insurance policy to go into effect? It typically takes 30 days from the day you purchase flood insurance for the policy to go into effect. When purchasing a policy, ask your agent when coverage will start.
  • Is flood insurance mandatory for my property? Will the lender require it?
  • Do I qualify for a lower-cost Preferred Risk Policy (PRP)?

Our team at Bender are here to help you with your concerns and to obtain flood insurance while you’re still able. Contact us today for a no obligation flood quote: 916-380-5300