Though we stand midway through the Fall, the weather has been decidedly calm in the Northeast this year. We have had no major storms, no droughts and no freak weather conditions that have been emerging with greater frequency over the past couple years. But, that may all be about to change (at least if the Farmers Almanac has anything to say about it). They have predicted that this winter will be one of the coldest and one of the harshest winters in recent history. And, if it is, then that means there will be plenty of snow this winter and plenty of water when that snow melts. While it may be a while before the snow does melt, it is best to be prepared for the floods that may ensue. Listed below are some reasons why it may be time to start considering the cost of flood insurance.
What is the average cost of flood insurance?
According to FEMA, the average flood insurance policy costs approximately $500 per year. That amounts to a little over $40 a month (which is not bad when you consider how much flood damage could cost). Of course, not everyone’s policy will be the same and, as such, premiums will vary depending on your level of risk and the coverage you choose (as flood insurance will cover exactly what that policy says it covered, and no more).
When is the cost of flood insurance worth it?
If you live on the coast (say on the south shore of Long Island) then flood insurance is probably something that you either have, or are already thinking about procuring. Which is a good idea, especially after Hurricanes like Irene and Sandy but high risk areas like the coast line are not the only places that require flood insurance as most of the claims come from moderate to low-risk areas. So, be sure to research flood plains and other potential flood inducing variables that could put your home at risk. With that information you will be able to better determine whether or not the cost of flood insurance is actually worth your money.
If you think that your home may be at risk then you may want to give one of our independent insurance agents a call. Flood insurance can be a tricky policy with plenty of loopholes for insurance providers to take advantage of. Our agents will ensure that you get the protection you deserve at a price you can afford (all while avoiding the hidden costs and thereby lowering the cost of flood insurance). We hope you enjoy the rest of the fall!