Should I Consider Purchasing Flood Insurance for My Home or Business?

Floods can happen anywhere, and even a tiny amount of water can do thousands of dollars in damage. Flood damage is also stressful, especially when a home or business owner is worrying about the cost of professional flood restoration services.

Factors to Consider when Buying Flood Insurance

Flood insurance provides coverage for flood restoration services and can be a wise investment depending on the home or business’s location. Home and business owners should take into account the following factors when deciding whether to purchase flood insurance.

Property Location

The location of a home or business is the primary factor when investing in flood insurance. Standard home and business insurance policies do not cover water damage resulting from flooding, so a separate flood insurance policy is necessary.

If the home or business is located in a coastal region, an area with a high risk of flooding, or a hurricane zone, investing in flood insurance is wise.

Lender Requirements

In some situations, mortgage lenders may require a flood insurance policy. Homes in high-risk flood areas with mortgages from the Federal Housing Administration (FHA) or the Veterans’ Administration (VA) require flood insurance.

Even if a home or business is located in a moderate to low-risk flood area, flood insurance coverage helps cover the cost of flood restoration services.

Cost Considerations

Monthly premiums are another consideration with flood insurance. How much you pay depends on various factors, including:

The home’s flood risk designation
The year of construction
The geography and elevation of the property
How the home was constructed, including design and materials

Homes in high-risk areas and aging homes will pay higher premium rates than those in low-risk zones or new constructions. According to FEMA, the average flood insurance policy costs around $700 per year, though rates vary from state to state.

Types of Flood Insurance Coverage

A flood insurance policy offers protection for the home itself and the contents. It is often available in two separate policies:

Building coverage insures the foundation and electrical and plumbing systems
Contents coverage insures the personal belongings inside the home, such as furniture, electronics, appliances, and other personal items.

Flood insurance does not typically cover finished basements. Flood policies also do not cover fences, lawns, trees, or other landscaping elements. Important papers, including documents, deeds, and money, are also not covered by flood insurance.

Calling a professional water cleanup and restoration company in the aftermath of a flood is still necessary to protect and restore your home.

Flood Restoration Services from All Nation Restoration, North Austin

When you have flood insurance, handling water damage from flooding is easy — Call All Nation Restoration, North Austin, for more information about our flood damage restoration services.

The premier water damage restoration company in the metro area, All Nation Restoration, North Austin, is Texas’s local flood cleanup expert. Whether it’s a burst pipe, a blown water tank, or a storm surge from a hurricane, the team is ready to help with any water extraction and flood restoration needs.

All Nation offers expertly trained technicians, free estimates, and 24-hour emergency service. The technicians work as quickly as possible to extract water and dry your space, eliminating dangerous bacteria, mold, and mildew.

Call All Nation Restoration, North Austin today at (512) 934-8180 to schedule flood restoration services or email at info2@allnationrestoration.com.