Flood Risks & Flood Insurance Costs
There are a plethora of flooding risks in the New Jersey area, especially for those of you who live in coastal communities. Having a flood insurance policy on top of your homeowner’s policy is crucial to avoid unwanted out-of-pocket costs for damages from flooding events. With the climate changing all over the world, our natural disaster risks are also changing. Storm events are becoming more frequent and more violent. Here is a list of the most common possible flooding events in our area.
Flash flooding
River flooding
Storm surges and coastal flooding
It’s interesting to note that only 1 inch of water can cause $25K in damages. There are a few factors to consider when shopping around for flood insurance. The age of your home, the flood risk zone your home lies in, and which coverage you ultimately choose will all affect how much your premium cost will be. Most mortgage lenders also require flood insurance policies on homes in a Special Flood Hazard Area. In short, having flood insurance can help save your family money in the long run.