The team of independent insurance agents at Wallace & Turner has been in this business long enough to know what goes through most Ohio homeowners’ minds when you mention flood insurance. It’s something like, “How much is this going to cost me?” and “Do I really need it?”
We understand — you already insure your home, car, health, life and maybe even your business. Now, you have to insure against a natural disaster that may only occur every few years? But consider this: just one inch of floodwater can cause $25,000 of damage to a home!
And if you think you’re not at risk, federal government information indicates that policyholders outside of designated high-risk flood areas file nearly half of National Flood Insurance Program (NFIP) flood insurance claims and request one-third of federal disaster assistance for flooding.
We know how important flood insurance is for Ohio homeowners, and we know how to pair you with the right policy for your budget and needs. Read on to find out more about flood insurance in Ohio, and contact Wallace & Turner to find the best Ohio flood insurance policy for your needs today.
Average Flood Insurance Premium in Ohio
How much is flood insurance in Ohio? On average, it costs a little less than flood insurance in neighboring states but a little more than the rest of the country. According to the Ohio Committee for Severe Weather Awareness, the average annual premium for flood insurance in Ohio was $1,116 as of late 2021. Nationally, the average flood insurance premium was $958.
However, in Federal Emergency Management Agency (FEMA) Region 5, which includes Ohio, Minnesota, Wisconsin, Michigan, Indiana and Illinois, the average annual flood insurance premium was $1,405 as of November 2021. That means we’re paying around $300 less than our neighbors per year for flood insurance in the Buckeye State.
What are you getting for that flood insurance premium? According to data from the Ohio Committee for Severe Weather Awareness, the average payout for flood insurance claims in Ohio was $16,224 in 2021. While you hope that you never experience flooding in the first place, paying around $1,000 per year will likely feel more than worth it if a flood ever does $16,000 in damage to your property.
Is Ohio Flood Insurance Necessary?
In some cases, you may be required to have flood insurance in Ohio. That’s because parts of the state face a high risk of flooding, and the federal government has required some federally regulated mortgage lenders to require flood insurance in those areas.
If you fall into that category, you already obtained flood insurance before you were approved for your mortgage. However, many Ohio homeowners either do not have flood insurance at all or have inadequate flood coverage.
So, is it worth the cost to make sure you’re fully covered? Here are a few reasons why you should consider it:
Floods are Becoming More Common
It’s not just your imagination. Floods are becoming more common around the world, including right here in Ohio. That means what used to be a remote possibility has now become a very real problem for homeowners across the state.
In other words, the question in some parts of Ohio has become not if, but when, a flood will strike. And data suggests that the areas that face this problem will only expand in the coming years. That’s all the more reason to be prepared with a comprehensive flood insurance policy.
Your Homeowners Policy May Not Cover Flooding
It’s important to first understand whether your homeowners insurance policy covers flooding. Most standard policies do not offer this type of protection. To find out with certainty, either call your insurance company directly or reach out to an independent insurance agent for insight.
Disaster Relief Isn’t Always Available (and It’s Often a Loan)
Won’t federal disaster assistance kick in if your home is flooded during a big storm? It might, but there’s no guarantee. As the Ohio Department of Natural Resources points out, federal disaster relief only becomes available if the president declares the flood a major disaster.
That doesn’t always happen, but even when it does, the monetary assistance often comes in the form of a loan from the government. Which means you will likely have to pay it back with interest over time. Flood insurance payouts, on the other hand, cover the damage up to policy limits at no additional cost to you.
Types of Flood Insurance
At this point, we hope you’re thoroughly convinced of the value of flood insurance in Ohio. If you’re there and ready to start thinking about a policy, you need to know that there are different types of flood insurance policies. They can be broken down as follows:
Homeowner flood insurance. This is flood insurance that can cover the actual structure you call home and the items you keep inside of it. Keep in mind that some policies only cover the structure, and others only cover belongings. In most cases, you will want a policy that covers both.
Business owner flood insurance. Like flood insurance for Ohio homes, business owner flood insurance can cover the physical property and/or the items inside of it. Because your inventory could be of significant value, you may need higher coverage limits for the contents of your commercial property.
Renter flood insurance. Flood insurance for renters only covers your personal belongings and is much less expensive than flood insurance policies that cover physical structures.
To find the policy that is perfect for your unique situation, reach out to the Wallace & Turner team today.
Stay Dry With Flood Insurance Through Wallace & Turner
Insurance is about protecting yourself from risk. You may think you can skip flood insurance and save a few dollars, but when the next flood strikes — and another flood is going to come at some point — you will almost certainly regret your decision to turn down this essential coverage.
We understand the cost of Ohio flood insurance is going to be a concern, and that’s why we work with top-rated carriers to find affordable, comprehensive flood insurance policies. Insurance should work for you, not against you — that’s our true belief.
Ready to talk Ohio flood insurance with a knowledgeable and helpful independent insurance agent? We’re ready to hear from you. Give Wallace & Turner a call at 937-324-8492, email us at info@wtins.com or contact our team online today.