When winter’s snows begin to melt and heavy spring rains hit the region, Ohio’s many bodies of water, particularly the Ohio and Miami Rivers, have a tendency to overflow their banks and cause flood damage throughout the state. Also, frequent heavy downpours over a short period of time can saturate the ground and overwhelm sewage and drainage systems, and this can cause flooding anywhere in the state.
Flood damage can be very expensive, but residents can protect themselves by purchasing an Ohio flood insurance policy. You can get more information about your risk of flood damage from a local independent insurance agent in our network. Member agents can answer your flood insurance questions and help you find a policy. Contact an agent near your home or business now, and start reviewing Ohio flood insurance quotes.
Ohio Flood Facts
- During previous years, Ohio floods led to ten federally declared disasters
- The state experienced severe flooding in eight counties, and damages throughout the state totaled more than $240 million
- In recent years, Ohio residents received $40.6 million in flood insurance claims
Why Purchase Ohio Flood Insurance?
It is regrettable that so many properties owners discover too late that homeowners and business insurance policies do not provide coverage for losses caused by flood damage. Only a flood insurance policy can cover you against the damages and losses caused by overflow events. If you live in a designated high-risk flood zone, you will be required by your mortgage lenders to carry flood insurance, but if you live outside these zones, coverage is optional. But flooding can occur anywhere. It is not limited only to designated high-risk zones.
Federal flood disasters have been declared in many areas that previously ran no risk of this type of catastrophic event. Many people believe that, in case of a federally declared disaster, FEMA will provide them with the funds necessary to repair or replace their damaged property. What many don’t realize, however, is that this funding comes only in the form of low-interest loans that must be repaid to the government. It is not the same as an insurance payout.
What Is the National Flood Insurance Program?
Because home insurance companies are unable to handle the heavy costs associated with flooding without causing extreme spikes in premiums for everyone, they simply do not include flood damage as part of their coverage. For many years, homeowners who experienced severe flood damage were left with unmanageable expenses, hardships and, often, bankruptcies. The National Flood Insurance Program, or NFIP, was created by the federal government in the 1960s to alleviate this problem. You cannot be turned down for a flood insurance policy even if you live in a high-risk area, nor will your rates increase if you file a claim.
The monthly cost of an Ohio flood insurance policy is considerably lower than payments on a FEMA-provided low-interest loan would be, and securing this coverage is a great way for homeowners, business owners, and renters to safeguard their property and investments. Flood insurance policies do not go into effect until 30 days after their purchase date, so do not wait until a flood is looming to secure your policy.
OH Flood Insurance Facts as Reported by FEMA
- There are currently about 40,000 flood insurance policies in effect in this state
- Of these, approximately 26,000 are for properties in high-risk areas
- Fewer than 1% of the households in this state are covered by flood insurance
- Residents of this state filed 1,543 flood insurance claims in 2012
- These claims totaled approximately $29,641,000
- That equates to an average of about $19,207 per claim
Flood Damage in Ohio Can Prove Extremely Expensive
According to FEMA, on average, as little as two inches of flood-water in a 1,000 square foot home will cause an estimated $10,000 in damages. A flooded basement can result in structural damage to your home and can necessitate costly mold clean-up efforts. Severe flooding can also require you to replace expensive appliances that are typically kept in basements, such as furnaces or hot water heaters.
If the floodwaters rise to above-ground floors, the damages grow far more expensive, because many personal belongings can be damaged or destroyed. This includes such things as electronics, carpeting, furniture, and appliances. FEMA reports that the average paid flood claim in the United States is approximately $35,000.
What Does Ohio Flood Insurance Cover?
NFIP-backed flood insurance allows you to determine coverage amounts for two types of coverage, one for the structure of your home itself and the other for the contents kept within. You have the option of purchasing one or both coverage types, depending on your coverage needs. Most homeowners opt to purchase coverage for both.
- Building coverage: This compensates you for damages to the structure of your home including its foundation, plumbing, and electrical systems, built-in appliances, furnaces, and air conditioning units, and any permanently installed carpeting that has been laid over unfinished floors. If you are a landlord and do not live in the home you are insuring, you may want to purchase building coverage only.
- Contents coverage: This compensates you for loss or damage to the property you keep in your home including clothing, furniture, window treatments, décor, electronics, window air-conditioners, portable appliances, carpeting, and flooring. Flood insurance policies do not cover personal property that is kept in a finished basement. If you live in a condo or are renting your home, you will need to purchase contents coverage only.
Review Ohio Flood Insurance Quotes
Though flood insurance is provided through the federal government, it can only be purchased through qualified insurance providers. Securing an Ohio flood insurance policy for your home or business is easy with the help of an agent. Your agent can help you determine the level of coverage you need and can provide you with information about how much you can expect to pay for different amounts of coverage. These agents are available to assist you with all of your insurance needs, and can even advocate for you during the claims process if you are in need of assistance.
Contact an agent near you to get more information, and start comparing Ohio flood insurance quotes.