Have you been thinking about buying flood insurance? You are not alone. Flooding is one of the most common natural disasters in North Carolina and across the United States. The good news is that there are ways to protect your home with flood insurance in North Carolina. But before we get into what it means, let’s answer some questions: What is a flood? How much does flood insurance cost? Who needs to buy it?
The first thing you should know is homeowners insurance generally does not cover flood as it is excluded from most policies. You must purchase flood insurance as a separate policy if you would like coverage for this specific peril.
Lets start with the legal definition of what a flood is:
- A Flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow.
Floods can happen anywhere, but they are most common along rivers and streams near cities. They occur because lots of rain fall on nearby land such as mountains or hillsides and runs into these bodies of water.
What is an elevation certificate?
An elevation certificate is a tool used to document and confirm a buildings elevation in high-risk areas relative to the estimated height floodwaters will reach in the event a flood occurs.
Knowing the elevation is important because it is used to determine how risk a home presents in the event of flooding.
The reason for this is because if you live on high ground, then flood insurance may not be necessary as your house won’t be impacted by water and mudflow during a flood. But if you live near low-lying areas such as rivers or streams, it may be wise to consider purchasing flood insurance due to the higher risk.
How much does Flood insurance cost?
Through the National Flood Insurance Program (NFIP ), the average cost for flood insurance in North Carolina in 2021 is around $733 per year. But, keep in mind this number includes those in very high risk areas on the coast of North Carolina as well. If you are in a lower risk area, you might be seeing premiums in the $400-$500 dollar range a year.
The cost for flood can insurance depend on a number of factors:
- Fema’s Flood Zone Designation (B,X,A,AE,etc.)
- Your home’s construction type
- Your home’s age
- Your home’s value
Who needs flood insurance?
Now we may be biased because we have been in insurance industry now for over 10 years but we believe everyone should at least know their options. The reality is that flood happen and in many times it happens in low risk areas. Just because you are in a low risk area, does not mean it will never flood. Entire communities in North Carolina have been devastated by floods in the past in areas experts believed that it would never flood.
What is the first thing I should do to learn more?
If you would like to know if your home is in a flood zone or what the cost would be, please reach out to one of our licensed agents at Oak City Insurance at 919-917-9700 or request a quote on this page. It’s never too late to protect yourself and your family.