The average cost of flood insurance depends on your home's elevation, but the average amount is estimated to be $700 a year. The best way to reduce the cost is to increase your home's elevation from four feet below the base flood elevation (BFE) to three feet above it. You can also lower your cost by 40 percent by increasing your deductible. At Holt Flood Insurance, we can help you find the insurance rate that works for you.
Flood insurance may seem like just another expense, but the cost of not having it is more expensive. Water damages due to flooding caused by natural disasters can cost up to $10,000, and that's just for property damage. Your home insurance only covers water damage caused by a leaky toilet, overflowing bathtubs and sinks, and an exploding dishwasher or hot water tank. In the end, it's best to have it and not need it, then not have it and need it.
Lowering your flood risk can also save on the average cost of flood insurance, to reduce the risk, all you have to do is the following. Elevate utilities such as heating and cooling units, electrical panels and hot water tanks. Install flood openings and fill in your basement if you live in a high-risk flood area.
For more information about the average cost of flood insurance, visit our website or give us a call at 1-540-809-1415. We will answer any questions you may have, contact Holt Flood Insurance today.