Part of being a responsible
homeowner is preparing for the worst-case scenarios. That includes, of course,
all manner of natural disasters. You never know when life is going to throw you
a curveball.
One form of insurance that some
people waiver on getting is flood insurance. Those who might not be in a
high-risk area might consider skipping it. This can be a huge mistake! Floods
can damage your home an immense amount and it can be difficult to bounce
back without insurance.
What is the average cost of flood
insurance? This will be important to know if you're considering purchasing a
policy for your home. Read on and we'll walk you through what you need to know.
What
Determines Flood Insurance Costs?
Like all forms of insurance, the
cost of flood insurance will differ from property to property based on a wide
variety of factors. One person's insurance might cost substantially less than
another's.
It's important to try and understand the cost of insurance and where it comes
from.
First, there's the flood risk of the
house as determined by a city's flood maps. It goes without saying that the
more likely a house is to flood, the more the cost of insurance will be. Most
cities have divided their land into zones, with different zones labeled at
higher levels of risk.
Looking into what zone your home is
located in should give you an idea of how much you'll need to pay for
insurance. The age and construction of your home can also contribute, as well
as how much coverage you want to have included as part of your policy.
Flood insurance costs will also vary
depending on where you obtain your insurance. The federal government offers
lower-cost policies to all homeowners, though many still elect to get slightly
more expensive insurance through private sellers.
Average
Cost of Flood Insurance
How much might you expect to pay for
flood insurance? As we said, this number could vary greatly depending on a
number of specifics related to your home.
Even from state to state, these
averages vary greatly. Connecticut is the state with the highest cost of flood
insurance in the country, with the average cost being well over one-thousand
dollars for the typical homeowner. Virginia, South Carolina, and Michigan are
not all too far behind.
On the other hand, the average cost
in other states could be much lower. In some places, the average cost is as
little as a mere 50% of the greater cost. Georgia, Utah, and Massachusetts all
could be lumped under this umbrella with a cost hovering just over $500 a
month.
That's a more than significant
difference! Living there will mean you'll be paying a fraction of the premium
costs you might be facing elsewhere.
How
Expensive Is Flood Insurance?
If you're looking to protect your
home against disaster, it would only make sense that you would be curious about
the average cost of flood insurance.
Ready to learn more about being the
best homeowner? Be sure to browse the rest of this site.
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