When talking about how expensive insurance is, it’s important to compare the value of the coverage to how much you pay. Valuable things can have higher costs, but knowing the coverage versus the cost can help you decide if it’s worth the price tag.
Flood insurance does not cover water damage on its own. Instead, it covers damage caused by weather-related floods, including heavy rainfall, storm surges, and overflowing bodies of water, not water damage from things like broken pipes or water backup. If you’re looking for coverage for that type of water damage, you can look for a homeowners insurance policy that includes it.
Flood insurance will cover damages to these parts of your home in the case of weather-related floods:
- Cooking stoves, refrigerators and built-in appliances
- Detached garages
- Foundation walls and staircases
- Fuel tanks, well water tanks, and pumps
- Permanently installed bookcases, cabinets and paneling
- Permanently installed carpeting
- Plumbing and electrical systems
- Solar energy equipment
- Water heaters and furnaces
- Window blinds
You can also purchase a policy that covers your personal belongings such as furniture, electronic equipment, and clothing, as well as:
- Carpets
- Curtains
- Microwave oven
- Portable and window air conditioners
- Washer and dryer
- Valuable items such as original artwork
How Flood Insurance Costs are Determined
With the value of flood insurance in mind, the next step to deciding whether or not it’s expensive is to look at personal factors that influence how much you’ll pay.
First, let’s look at a tricky factor — flood risk. In terms of value, the higher your risk of experiencing a flood based on location, the more valuable your policy is to have. But, it will also mean you’ll pay more. Ultimately, if you’re at a higher flood risk, it may raise your price, but it also gives you vital coverage.
Older homes and construction are also more expensive to insure, because they will cost more to fix in case of water damage. If your home has flood prevention built in, it may cost less.
The type of coverage you purchase also plays a big role in cost. Purchasing both building and coverage coverage will cost more, but will make sure you’re fully covered. The same goes for the amount of coverage you purchase in either or both categories.
All in all, lots of things go into how much your flood insurance will cost. But, it’s still only an average of $58 a month. So, flood insurance is not expensive.
Easy, Affordable Coverage is No Problem with Remco
Remco does more than insurance. We get you the coverage you need without loopholes or roadblocks. To learn more, text us at 267-692-8296, or call 215-357-7878.
