Many parts of Ohio are at a high risk for flooding. That is why mortgage lenders often require flood insurance for homes in a high-risk zone. However, standard homeowners or renters insurance excludes flood damage coverage. That’s why insurance providers encourage all Ohioans to consider flood insurance.
Coverage for Additional Living Expenses
Unlike fire or theft, basic home insurance often does not cover flood damage. Therefore, it’s crucial to safeguard your investment with a separate flood insurance policy. The fact is flooding can affect anyone, regardless of where they live. More than 20 percent of flood claims occur on properties outside high-risk areas. Fortunately, you can purchase a low-to-moderate risk flood insurance policy for your home even if you don’t live in an official FEMA flood zone. Homeowners in low-risk areas can get standard flood coverage. They may also be able to get additional coverage called excess flood insurance. Another benefit of having a standalone flood policy is that it can cover temporary housing expenses and relocation costs due to the threat of flooding. That’s not something you can usually expect from NFIP policies, which only offer minimal or no relocation assistance.
Suppose you’re a homeowner with an NFIP policy and are considering changing providers. In that case, we encourage you to compare your current NFIP price using their Risk Rating 2.0 to private companies rates. You might be surprised at how much you can save by switching to a dedicated flood insurer with experience in Ohio.
Coverage for Damage to Your Home
Flood insurance in Ohio typically covers the costs of repairing and rebuilding your home and its contents. Additionally, it might pay for extra living costs like shelter when moving. It is crucial to remember that typical homeowners and renters insurance do not cover flood damage, necessitating the purchase of a supplemental policy. Even if your community is not in a high-risk flood zone, federally-backed lenders might still require that you carry a mortgage with a flood insurance endorsement. Additionally, the National Flood Insurance Program offers coverage to homeowners in communities that participate in the program.
Additionally, some private insurers provide personal flood insurance policies for homeowners outside of the NFIP program. The cost of flood insurance in Ohio varies depending on your area’s risk and the building’s structure. To lower the price, consider choosing a higher deductible. This will typically result in a lower monthly rate, as the insurance company assumes more risk when making a payout. Additionally, you can lower the cost of your policy by reducing its coverage. Be aware that FEMA’s new Risk Rating 2.0 methodology will cause a substantial number of homes in low-risk areas to see an increase in their premiums.
Coverage for Damage to Your Personal Property
Most common homeowners and renters insurance policies do not cover flood damage, which can be expensive. That’s why it’s important to have a separate policy that protects you in case of an unexpected flooding event.
Some private insurers offer personal NFIP-style flood coverage, which can be added to your existing homeowners’ or renters insurance. The cost of Ohio flood insurance varies widely, and the exact rate you’ll pay will depend on your specific risk. Your home’s location, elevation and proximity to rivers or lakes, as well as your home’s age, will all affect your rates. Taking preventive measures to lower your chance of flooding is a good idea.
For example, you can improve your drainage system, install a sump pump and consider installing a battery-operated backup, anchor fuel tanks and move valuables to a safe place. You should also take photos of your belongings, including electronics and appliances, as these can help you file a claim in the event of a flood. If you get a flood policy, reviewing your options with an independent insurance agent is a good idea.
Coverage for Damage to Your Car
Flood damage is something other than what people tend to consider when they purchase homeowners’ or renters insurance. Unfortunately, it’s important to realize that standard policies don’t include protection for this type of loss. This makes a comprehensive flood policy an essential buy, especially in areas more prone to flooding. Ohio’s average flood insurance rate is around $1,225 per year. The area’s risk impacts that amount and whether it falls into a low, moderate, or high-risk zone. However, it’s also worth noting that these maps are often outdated, and the risk can change over time as the terrain changes or developments are made.
The cost of flood insurance can also vary by county and your chosen deductible. It’s worth noting that the higher your deductible, the lower your premium will be. The other factor to remember is that flood insurance typically covers both building and contents coverage. If you’re interested in learning more about the potential benefits of Ohio flood insurance, it’s a good idea to speak with an independent agent. They can help you assess your risk and determine the right policies to meet your needs. For example, an agent can help you understand the differences between NFIP and private flood policies and find the best deal for your unique situation.