Did you know the average flood damage claim is $42,000?
This is to say, if your property were to sustain flood damage today and you don’t have flood insurance, repairing and restoring it will cost you a whopping $42K. Do you have this kind of money sitting around in your account?
If you’re anything like most Americans, the answer is no. However, for about $700 per year, you can get flood insurance coverage with a $250K claim limit.
Sounds like something you would want to buy?
Good.
Here’s is a guide on how to get a reliable flood insurance quote.
What’s a Reliable Flood Insurance Quote?
Getting a reliable flood insurance quote simply means buying your insurance from a reliable flood insurance company.
Insurance companies aren’t created equal, and neither are flood insurance policies. There are some companies that have a reputation for taking too long or failing to settle claims. Others have a reputation for offering quality client service, meaning as long as the claim is valid, it’s paid out immediately.
You definitely want to buy flood insurance from a company that won’t frustrate you at your hour of need. At the time you’re filing a flood insurance claim, you’ll probably be under a lot of stress. The last thing you want is more stress.
So, how do you find a reliable quote?
Get Recommendations from the People Around You
As a property owner, you certainly know other owners. These could be relatives or close friends.
Reach out to them and ask whether they have purchased flood insurance and if yes, what their experience with the insurance company is. Pay more attention to property owners who have experienced flood damage. If they received quality service when filing a claim, that’s the kind of insurance company you want to sell you coverage.
If you don’t know anyone who has flood insurance, take your search online. A simple “best flood insurance company in X” where X is the name of your state or region will return a page with links to some of the top-rated local insurance companies.
Have a Good Idea of the Cost of Flood Insurance
You already know that the average annual flood insurance premium is $700. However, there are a number of factors that can push this amount a bit lower or far higher.
Understanding how these factors will affect your insurance premiums is key to getting a reliable quote.
The most important factor is the flood risk zone your home is in. If in a high- risk flood zone, expect a pricier quote than you’d get if the home were located in a low-risk flood zone.
Flood zones information is publicly available. Just look up your state’s flood plain map online. Most maps are colored-coded, with red indicating a high-risk zone.
So, if you’re in a low-risk zone and you get a quote that is markedly higher than the average, you have a good reason to be suspicious or ask the lender to explain their pricing.
Get a Reliable Flood Insurance Quote
Flood insurance is a must-have, whether you live in a high-risk or a low-risk area. However, you need to be careful when purchasing your policy. With this guide on how to get a reliable flood insurance quote, you’re now in a better position to get the best deal.
Keep reading our blog for insurance tips and advice.