How to Get Cheap Flood Insurance
About 64 percent of Americans are homeowners.
If you’re one of these people, you’re no doubt enjoying the perks of homeownership. However, with homeownership comes big risks. A natural disaster can hit your area, wreck homes, and leave your investment underwater.
The good news is there are steps you can take to minimize you and your home's exposure to such risks. One of these steps is purchasing flood insurance.
If your home is in a flood-prone area, you really need to have flood coverage.
Here’s how to get cheap flood insurance.
Avoid Buying a Home in a Flood-Prone Area
Many prospective buyers don’t give much thought to the cost of insuring the property. It’s usually an afterthought, which can turn out to be a costly mistake if you end up buying a property in an area with a high flood risk level.
So, if you’re currently looking to buy a home, you’re in a good position to avoid paying pricey flood coverage premiums when you finally become a homeowner. Just avoid buying a home in a flood-prone area.
Sure, your dream might be to own a beach house, but with rising seas, insurers are going to have a field day slapping you with costly flood insurance premiums.
Make Flood-Conscious Adjustments to Your Home
Just like an auto insurer will charge you less if your car has anti-theft features, a flood insurance company will charge you less if your home has anti-flood features.
Flood-proof your house before you start looking for coverage. Some of the changes or additions you can make include installing a sewage water backstop, building a sturdy floodwall, and elevating the foundation (especially if you’re building the house from scratch).
When the insurance underwriters will visit your home to evaluate risk, they’ll see that you’ve taken steps to protect it from or minimize the damage flooding might cause, and reward you with lower premiums.
Shop Around Extensively
No one likes buying insurance.
The policies can be a pain to understand and even shopping around for the best provider can feel like a waste of time. But if you want to get cheap flood insurance, you’ve got to drop this attitude.
Yes, shopping insurance isn’t the most exciting activity, but at least we are living in the digital age. Today, you don’t have to walk around business streets, hopping from firm to firm, trying to find the cheapest policy.
The internet makes insurance shopping a breeze. Go online, find comparison sites, and choose the cheapest offer. You can even get a localized quote.
A word of caution.
Just because an insurance firm is offering the cheapest flood coverage doesn’t necessarily mean it’s the one you should choose. A shady insurer can offer cheap coverage only to get customers, but when the time to settle claims comes, the process becomes a cat-and-mouse game.
You can also check out government flood insurance.
How to Get Cheap Flood Insurance Coverage
Flood damage is usually extensive, which means flood insurance coverage doesn’t come cheap. However, you don’t have to pay over the top. With this guide on how to get cheap flood insurance, you’re now in a better position to shave some good change off your premiums.
Get shopping and keep reading our blog for more homeownership tips.