Flood insurance provides peace of mind

Flooding causes more damage in the U.S. than any other severe weather event.

In fact, just 1 inch of water in a home can cause over $25,000 in damages. And while homeowner policies are great for protecting assets in many instances, most don’t cover flood damage, said Andrew Bochman, flood coordinator for Virginia Farm Bureau Mutual Insurance Co.

“It’s always a good idea to have flood insurance because you never know when disasters will strike,” Bochman said. “Not having proper insurance can be costly and leave you footing the bill for repairs.”

While homeowners living in highrisk areas often are required to buy flood insurance, others may think it’s not necessary if they’re not in a flood zone and live far from a large body of water. But according to the National Flood Insurance Program, over 40% of flood insurance claims occur outside of high-risk flood areas.

“Most of the recent flood claims I have worked were from people who live in the mountains,” Bochman noted. “When heavy rain occurs in mountainous regions, the water has nowhere to go. Creeks and hollows will flood and can damage nearby homes.”

Flood coverage

In general, a flood is an excess of water on normally dry land, affecting two or more acres of land or two or more properties—a policyholder’s property must at least be one of the two to submit a claim. Flood insurance covers direct physical losses caused by an overflow of inland or tidal waters, runoff, mudflow and erosion.

Flood insurance is a separate policy available to homeowners, renters, condominium owners and commercial owners and renters, and it’s offered in two types: building coverage and contents coverage.

Building coverage protects the home’s structure, including items like electrical and plumbing systems; furnaces and water heaters; large kitchen appliances; carpeting; cabinetry; foundation walls, anchorage systems and staircases; and fuel tanks, solar energy equipment, water tanks and wells.

Contents coverage protects what’s inside the home—personal belongings like clothing; furniture and electronics; washers and dryers; microwaves; and valuables like artwork up to $2,500. Additionally, flood insurance policies will pay up to $1,000 for loss prevention measures, including sandbags, tarps, supplies and work to assist in protecting property from a flood threat.

Extreme weather is becoming more prevalent, and flood insurance can provide peace of mind when people know their most valuable assets are protected. NFIP data indicates the average cost for flood insurance is $985, whereas the average claim payout for residential flood damage in 2019 was $52,000.

To learn more about flood risks and how to purchase flood insurance, visit floodsmart.gov, or contact your local Farm Bureau insurance agent.

Tips for flood preparation

Search your address on FEMA’s Flood Map Service website at msc.fema.gov/portal/home to determine if you’re in an area prone to flooding.

Take photos and videos of major household items and valuables. Keep these somewhere safe for potential flood insurance claims.

Save copies of important documents like birth certificates, passports, medical records and insurance papers in a safe, dry place. Keep originals in a watertight safe deposit box.

Elevate and anchor utilities, including electrical panels, propane tanks, sockets, wiring, appliances and heating systems.

Waterproof your basement. Install a water alarm, a working sump pump and a battery-operated backup pump in case of power outages.

Clear debris from gutters and downspouts.

When flooding is imminent, move furniture and valuables to an attic or the highest floor.