Flood Insurance and Flood Costs
I learned a costly lesson on the need for flood insurance when my home flooded two years ago. I was shocked to learn that homeowners insurance typically covers home damage from wind but not from external water(i.e. flooding)Although I live in a moderate-to-low risk zone (Zone X), today I maintain flood insurance and won’t be caught again without it. How much can uninsured flooding cost you as a homeowner?
Just one inch of flooding will require you to replace drywall, carpeting, baseboards, bookshelves, as well professional water damage repair costs. In a typical home this could easily total $8000 dollars.
If you experience five inches of flooding in your home, you are going to add on top of everything I previously mentioned precious items like photographs and books, computers and accessories, wallpaper and repainting the interior. Expect to pay more than $12,000.
If you are unlucky enough to see more than a foot of flooding, you can add furniture, appliances and cabinetry to your list and you should expect to lay out $20,000 or more. Obviously all of these estimates are rough and based on “typical” homes, if you have in more posh circumstances than the rest of us, expect to pay a lot more.
The basic point I want people to take away from this article is that if you own a home, you should always understand your risk of flooding. Don't be caught by surprise. After all, we are talking about your home here – the most valuable thing you are likely to own. Examine your finances and provided that you are not in desperate straits, consider purchasing flood insurance for peace of mind. You should be glad if you go thirty years without a claim; but if you do need it – you’ll be glad to have it.
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