We’re surrounded by bodies of water here in Southeastern Wisconsin, and our area is no stranger to flooding. Even small floods can cause big damage, and it’s generally not covered by typical home insurance. Instead, you may need an independent flood insurance policy to help protect your home and belongings against damages. In fact, many mortgage lenders require this coverage – especially if you live in a designated flood plain. Considering floods are the most expensive natural disasters in the U.S., nearly all homeowners in Wisconsin can benefit from flood insurance to protect against the financial devastation of rising waters.
The Cost of a Flood
Many homeowners are caught off guard when a flood destroys their homes and belongings. You’ve probably seen interviews on the news after a devastating flood in which a homeowner describes having never seen waters rise before. While some areas are prone to flooding, others may only see devastating floods every few decades – a phenomenon known as a ‘hundred-year flood.’
Just three inches of water in a 2,000 square-foot home could cost the average homeowner nearly $22,000 in damages. Increase the water levels to one foot, and you could see a bill that reaches nearly $50,000 for cleanup, remediation, repairs, and replacement of furniture and other belongings.
Types of Flood Coverage
When you need to pick up the pieces after a flood, your insurance policy may contain important coverage types to help you begin the path of recovery and restoration. These include:
Water damage can pose a serious health hazard if it is not cleaned up quickly and properly. Your insurance may help cover the cost of safely removing mold and cleaning up debris from your property.
Property damages include damages to your home’s physical structure from the foundation to the roof. Flood insurance can help pay to rebuild or replace your home’s walls, damaged flooring, electrical system, and more.
You can lose a lot in a flood, and starting over again can be expensive. Imagine having to throw out all your rugs, drapes, furniture, appliances, children’s toys, bedding, electronics, and more because they were affected by floodwaters. The personal belongings coverage in a flood insurance policy is designed to reimburse you for your losses and minimize your out-of-pocket expense.
Flood Insurance Costs
The price you pay for flood insurance is largely dependent upon the flood risk you face in your geographical area. While there are some factors you cannot change, such as where the closest body of water is, there are others that you can control. For example, elevating your home just one foot above the Base Flood Elevation could result in a reduction in flood insurance premiums by as much as 30 percent or more.
As your Delafield flood insurance agent, Billy Brown is committed to helping you find a flood insurance policy that affordably fits your needs. We can help you find, change, pay for, and renew your flood insurance, as well as answer any questions you may have about your coverage. Just don’t wait until it is too late. Most flood insurance policies take 30 days before they become effective, so now is the time to get the coverage you need.
For more information about Wisconsin flood insurance options or to request your free quote, contact our office today. We look forward to serving you soon.