Insurance Info » The Cost of Being Uninsured http://www.the-zebra.info Guides for Insurance Planning Tue, 14 Feb 2012 11:14:40 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 The Cost of Flood Insurance VS The Cost of Being Uninsured http://www.the-zebra.info/the-cost-of-flood-insurance-vs-the-cost-of-being-uninsured/ http://www.the-zebra.info/the-cost-of-flood-insurance-vs-the-cost-of-being-uninsured/#comments Tue, 09 Aug 2011 23:16:50 +0000 Steffan Kuntz http://www.the-zebra.info/?p=224 When considering the cost of flood insurance, first and foremost, you need to weigh its potential cost versus the potential cost of being uninsured. The discrepancy would be astronomical. Most American’s could not afford to rebuild their lives out of their own pockets if their home was destroyed by a flood. That is the purpose of flood insurance; to defer the cost of picking up the pieces after a devastating flood.

The cost of insurance varies from area to area. If you live in an area with a low risk for flooding, your insurance rates are going to be much lower than if you live in a high risk area plagued by hurricanes or flash flooding. According to many surveys, as of 2009, the cost of insurance premiums vary from less than $350 annually to upwards of $3000, depending on the predetermined flood risk in your area. While this cost may seem prohibitive to some, you need to take into consideration that you couldn’t possibly rebuild a destroyed home for anywhere near even the highest end of the flood insurance spectrum.

Keep in mind insurance rates are determined by your home or businesses’ risk of flooding. If you want the lowest rates possible, you should attempt to purchase your insurance through a National Flood Insurance Program approved agent. The NFIP was created to ensure that all homeowners would have the opportunity to purchase insurance at a reasonable price. The rates are actually determined and regulated by the federal government, so you should be quoted the same price by any agent participating in the National Flood Insurance Program. Also, consider including excess insurance as the NFIP program has upper limits that are too low for full replacement coverage in many areas.

Even though flood insurance is not required for all home owners in all situations, it is an invaluable asset if the worst happens and your home is affected by a devastating flood. The federal government created the National Flood Insurance Program for this very reason, to ensure that insurance is as affordable as possible to all homeowners. Do not let yourself become a statistic; protect your home and your possessions. Flood devastation is more common than you think.

When Mac Rousinburg needed cheap flood insurance for his business he knew just where to find it, AM Flood. Mac already has a flood policy on his home through them and knows he can get commercial flood insurance that offers really good coverage at a reasonable rate.

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