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house floodedAnyone that owns a home has the potential risk of experiencing flood damage. While statistics show that some areas are more prone to flooding than others, analyzing the possibilities with your own property is always a good idea. Weigh the pros and cons of carrying flood insurance and determine whether the need for obtaining this additional coverage is there.

Determination of Buying Flood Insurance

The federal government determines which areas are high risk for flooding. If determined as a high risk area, flood insurance is mandatory. Medium to low risk flooding areas are solely up to the property owner. However, not everyone that lives in a low risk flood location should ignore other signs of trouble. For instance, constant sewer backup from the overflow of flood waters, even when located miles away, is reason to consider carrying insurance for flooding.

Essentials of Flood Insurance

Flood insurance differs from a homeowners insurance policy in some areas. For example, there is a 30-day waiting period before a policy becomes active, so it’s best not to wait until imminent danger before buying a policy. There are also no payment plans available through flood insurance providers. Collection of a full year's premium is often a requirement.

What Flood Insurance Covers

Similar to a homeowners insurance policy, there are different plans that are available based on how much you are willing to pay. Low deductibles cost the most while high deductibles have a lower annual premium. Most flood insurance policies cover structural damage and contents. There are a few exceptions that your agent will know, according to the insurance company that is offering the coverage.

How Much is Too Much?

The average cost of a flood insurance policy, according to, is around $650 per year. Flood damage can easily fall into tens of thousands of dollars so weighing the cost factor is important. 

If you are considering purchasing a home, speak with your realtor, independent insurance agent and neighbors to determine if there is a history of problems during high rain. A list of risk factors, such as elevation and building construction, should also be looked at. 

Get a quote today. Call Auto Insurers of Virginia at (804) 379-2697 for more information on Midlothian flood insurance.
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