While Kansas is not a state typically known for flood problems, extremely damaging floods do happen here from time to time. Residents who do not have flood insurance may find themselves facing expensive cleanup, repair and replacement costs if their homes or businesses are within the flood’s reach. Unfortunately, a vast majority of Kansas residents do not have coverage against these events. If you are among them, you may want to consider at least looking at some flood insurance quotes. It may surprise you how little it can cost to protect your property against this very damaging natural disaster.
Many people assume that flood damage coverage is included in their homeowners, renters or business insurance policies. Unfortunately, in nearly every case, it is not. If an overflow event destroys your property, you must cover the damage out of your own pocket unless you have a flood insurance policy.
If FEMA declares the flood a disaster, they will step in to provide assistance. However, the assistance they provide comes only in the form of low interest loans that you must repay to the government. For example, the cost to repay a loan for $20,000 far exceeds the cost to cover your home with flood insurance for 30 years.
According to FEMA estimates, as little as 2 inches of floodwater in a 1,000 square foot home can cause as much as $10,000 in damage. Flooding in a basement can result in the need to replace appliances such as your furnace and hot water heater and can cause structural damage and the need for expensive mold removal.
If the floodwaters rise to aboveground floors, the damage can become far more expensive because your personal belongings such as electronics and furnishings will likely sustain damage beyond repair and will need replacement. FEMA reports that the average paid flood insurance claim is approximately $35,000.
Because flood damage is so expensive, by the 1950s, most home insurance companies had excluded coverage against floods from their policies. Unfortunately, floods, such as the one that caused so much destruction in KS in 1951, left many homeowners and communities financially devastated.
Because disasters such as this were so devastating for so many Americans who literally had no options, the U.S. Congress created the National Flood Insurance Program, or NFIP, in 1968. The federal government backs all flood insurance policies offered through this program. Although this program operates at a loss, it has saved the country billions of dollars in bankruptcy claims.
You are guaranteed a flood insurance policy if you live in a high-risk area. And your rates will not increase if you file a claim. Coverage rates on these policies are standard across the country. Your level flood risk, as determined by FEMA-drawn flood maps in your area, and the amount of coverage you purchase determine your rates.
The average flood insurance policy costs as little as 1 dollar a day. Those who live in low-risk areas might get quotes as low as $120 a year. This is a small price to pay to protect your home, business or personal property.
NFIP-backed flood insurance policies are available to both individuals and business owners. Each type of policy includes two types of coverage, one for the structure of the building itself and one for its contents.
You have the option to purchase either type of coverage or both, depending on your particular needs. Most homeowners opt to purchase both. Landlords will generally purchase building coverage only, while renters need only purchase contents coverage.
Although the federal government provides flood insurance policies, you must purchase insurance through a qualified insurance provider. Obtaining a flood insurance policy for your home or business is easy with the help of an agent in the Trusted Choice® network. These independent insurance agents can help you assess how much coverage you need and can provide you with information about how much you can expect to pay for different levels of coverage.
Find an agent in or near your Kansas neighborhood to get more information, and start reviewing flood insurance quotes in no time.