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You are here: Home / Finance / Real Estate / Do You Need a Flood Insurance Policy?
Do You Need a Flood Insurance Policy?

Do You Need a Flood Insurance Policy?

June 7, 2022 By Cade's Team Leave a Comment

How often do floods happen in your area?

Rapidly changing weather patterns make floods more common almost everywhere. Over the past decade, natural disasters have killed, on average, 45,000 people per year.

You don’t have to travel halfway around the world to experience a crisis caused by floods. You can get unlucky in your living room. When floods happen, you need to be prepared to pick up the pieces.

With a flood insurance policy, you can limit your financial losses. Keep reading to learn why you might want one and where to buy a policy.

What is a Flood Insurance Policy?

A flood insurance policy is a type of insurance coverage. It helps protect your home or business from damage caused by flooding.

Flooding can occur due to heavy rains, melting snow, hurricanes, or other natural disasters. It is one of the most common and costly natural disasters in the United States. A flood insurance policy can help you financially if your home or business gets damaged by flooding.

Types of Flood Insurance

There are two types of flood insurance:

  • building insurance
  • contents insurance

Building insurance covers damage to the structure of your home. This includes the walls, floors, and roof.

Contents insurance covers your personal belongings, including furniture, clothing, and appliances. You can buy flood insurance through the National Flood Insurance Program (NFIP). You can also buy from private insurance companies.

NFIP is a federally run program. It offers coverage to property owners and renters in participating communities. You can check out online sources to find out more about flood insurance for rental properties.

Private flood insurance is available at insurance companies. Anyone can purchase buy them. Both types of insurance cover flood damage to a property, but there are some key differences.

NFIP policies cover up to $250,000 for the building and $100,000 for contents. While private flood insurance policies vary.

NFIP policies do not cover landslides, earthquakes, or sewage backups. But private flood insurance policies may. It is important to read the fine print of any flood insurance policy to know what is and is not covered.

When is Flood Insurance Required?

Flood insurance is usually required when you buy a home. Especially when it’s in a high-risk flood zone as determined by the Federal Emergency Management Agency (FEMA).

If your home is in a low- or moderate-risk zone, flood insurance is still available but isn’t required by lenders. Even if you’re not required to buy flood insurance, you must know that your homeowner’s insurance policy does not cover flood damage. So, if you live in an area that’s prone to flooding, you will want to consider buying flood insurance to protect your home and belongings.

Also, the National Flood Insurance Program (NFIP) requires flood insurance for all federally regulated or backed mortgages. This means that if you have a mortgage with a federally regulated or backed lender, you are required to buy flood insurance.

Even if you do not have a mortgage, but your community participates in the NFIP, you are still required to buy flood insurance. This is if you live in a Special Flood Hazard Area (SFHA). An SFHA is an area with a high risk of flooding.

How Much Flood Insurance Should You Buy?

If you’re wondering how much flood insurance to buy, the answer depends on many factors. The first thing you need to consider is the value of your home and possessions.

If your home is worth less than $250,000, you may not need to buy flood insurance at all. But, if your home is worth more than $250,000, you should buy flood insurance to protect your investment.

The next thing you need to consider is the flood zone your home is in. If your home is in a high-risk flood zone, you’ll need to buy more insurance than if your home is in a low-risk flood zone.

Finally, you need to consider your deductibles and coverage limits. If you have a high deductible, you’ll need to buy more insurance to cover your losses. If you have a low deductible, you can buy less insurance.

What Does Flood Insurance Cover?

Flood insurance covers damage to your home and personal belongings caused by flooding. It does not cover damage caused by other natural disasters. These include hurricanes, earthquakes, or tornadoes.

If you live in a high-risk area for flooding, you may need to buy flood insurance from your mortgage lender. Even if you don’t live in a high-risk area, you may still buy flood insurance to protect your home.

Flood insurance typically covers the cost of repairing or rebuilding your home. It also covers the cost of replacing your personal belongings.

How Much Does Flood Insurance Cost?

The cost of flood insurance can vary depending on the amount of coverage you need and the area you live in. If you live in a high-risk area, your rates will be higher than someone who lives in a low-risk area.

The amount of flood insurance coverage you need will also affect your rates. You can get coverage for your home, contents, and personal belongings.

For a typical homeowner, flood insurance can cost anywhere from $500 to $2,000 per year. In some cases, you might be able to get “grandfathered” rates of $350-500 per year, but this will be unusual.

How Do I Get a Flood Insurance Policy?

There are a few things you need to do to get a flood insurance policy. The first is to find out if your community participates in the NFIP.

If so, then you can buy a policy through the NFIP. If not, then you’ll need to find a private insurer that offers flood insurance.

The next thing you need to do is figure out how much coverage you need. Once you know how much coverage you need, you need to get quotes from different insurance companies. You will need to see how much they’ll charge you for a policy.

And finally, once you’ve selected an insurance company, you need to buy the policy. You can do this online, over the phone, or in person. Make sure to keep your policy in a safe place so that you can access it if you ever need to make a claim.

Do You Need a Flood Insurance Policy?

If you live in an area that’s prone to flooding, it’s a good idea to carry a flood insurance policy. It will protect your home and possessions in the event of a flood. Of course, you’ll want to make sure to shop around and compare rates before you buy a policy.

Are you interested in more information on asset insurance? Check out our real estate section for more details.

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Filed Under: Real Estate

About Cade's Team

Cade Hildreth is an LGBTQ+ entrepreneur, real estate investor, and former USA Rugby Player. Cade has founded 7-figure businesses, scaled websites to millions of views, acquired a portfolio of income-producing residential and commercial real estate assets, and played rugby worldwide.

As a world-class athlete, Cade has represented the USA Rugby Team, trained extensively at the Olympic Training Center, and played with elite squads from across New Zealand and Australia.

Often compared to Tim Ferriss and Ramit Sethi, Cade teaches millions to expand financially, while living an authentic and adventurous life.

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“As an LGBTQ+ entrepreneur, real estate investor, former USA Rugby Player, and fitness fanatic, I’ll teach you what your parents and teachers should’ve taught you, but didn’t know themselves.” -Cade Hildreth

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Or, listen to Cade’s articles on the go as a Podcast.

Because it’s the New Year, let’s talk about ch Because it’s the New Year, let’s talk about change...

For a long time, I’ve thought about top surgery. I remember when I was 6 or 7 years old when I wanted to run around outside on a hot, sunny day with my shirt off…and I first saw my parents… hesitate. Ughh. 

It wasn’t their fault but I still remember that heart wrenching feeling. To their credit, they ultimately said, “Ok, go do it!” While I did “do it”, I remember the feeling of shame that crept in.

Over the years, being in affirming sporting/rugby circles helped suppress the urge to get top surgery, but it never quite “stayed down.”

So last summer I got keyhole #topsurgery. I’ll talk about recovery in another post because it was definitely weird to not strength train for months.

But in THIS post, I want to share two things:

1. I am SO grateful to my wife Erin for being the supportive and growth oriented partner that she is. 🥰🙏❤️ 

She is now following her call to get a divinity degree and she’s already working in ministry as a Pastor in Training at an incredible, inclusive Presbyterian church here in Virginia. I am grateful to her for supporting me as I become more and more of who I am—and I’m enjoying watching her do the same! Love you, babe!

2. Second, I’m grateful to get to share who I am with my family. This summer we took a trip to Madden’s resort in MN to celebrate my parent’s 50th wedding anniversary. (It was actually their 52nd, because we had to postpone it twice due to Covid.)

I was nervous to be in the pools and lakes around them, but I could feel it was my only choice because I knew I wanted them to “know me”. And, how could that happen if I “hid me”?

Ultimately, I have to tell you…it was freeing to be me, as I am, who I am. 

I had the BEST time splashing around and biking and goofing around with my wife, niece, nephew, & sister. 🌊🏖🐟

So, I suppose, this is a gratitude post to thank those who have supported me over the years as I become more and more of who I am. 

Top of that list is my wife, Erin, but there are countless others. ❤️

If you’re reading this, thank YOU for being one of those people in my life too. I am deeply grateful. 🥹
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#lgbtqfamily #nonbinary
How to set a boundary? 🤔 . . . . #lgbtqia #lgb How to set a boundary? 🤔 
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#lgbtqia #lgbtqcommunity #emotionalhealth
What do you do if you’re telling a past story ab What do you do if you’re telling a past story about someone who has transitioned? 🤔 Share a 💯 if you agree ➡️🏳️‍⚧️🏳️‍🌈
7 things I got clarity on in 2022: 1. Good and b 7 things I got clarity on in 2022: 

1. Good and bad are labels. All things are experiences. 

2. Maturity is taking full responsibility for oneself. 

3. Having a loving, conscious relationship with myself is a core value. 

4. Emotions do not mean that anything has to be done. 

5. When I am in congruence with what I want, I have it. 

6. I have permission from myself to stop doing anything that doesn’t lead to my peace and empowerment. 

7. Stepping toward emotions and being able to feel them is a superpower. It determines the quality of my life. 

(Are there any above that you’d like me to further explain?)
 
Most importantly, which # above resonates with you? ⬆️

Happy New Year, y’all! 🎊🥳
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#lgbtqcommunity #lgbtqiaplus #lgbtsupport #nonbinary #trans #selfgrowth
Interview with Jenny Nguyen, Founder of the Sports Interview with Jenny Nguyen, Founder of the Sports Bra—The World's 1st Bar to Only Play Women's Sports - shorturl.at/doGHZ

I'm excited to introduce you to today's #podcast guest, Jenny Nguyen, who is a professional chef, elite athlete, and entrepreneur.

I invited Jenny onto the podcast because she has done something extraordinary that is long overdue: She has opened up a sports bar that exclusively plays women's sports!

Despite extensive research, Jenny hasn't found another sports bar worldwide that ONLY plays women’s sports.

Given that it's nearly 2023, this is mind-blowing. As a lifelong athlete, I find her vision compelling and inspiring.

Aptly called the "The Sports Bra", the venue is putting Jenny's culinary skills on display alongside women's sports worldwide.

The Sports Bar has taken its mission a even further by partnering with and elevating other local, women-owned businesses.

Specifically, it:

1. Sources its grass-fed beef from @CarmanRanch, an ranch run by Cory Carman, a third gen rancher out of Wallowa, Oregon).

2. Sources its alcohol from Freeland Spirits, an all-women owned and operated distillery out of NW Portland.

3. Has furniture built by @girlsbuild_org, a non-profit organization headed by @ktmhughes in Portland, OR, that teaches carpentry and construction skills to young girls as a path to empowerment.

Since opening the Sports Bra this April, people have come from ALL over the U.S. and the world to experience it—including many professional female athletes.

To learn more about Jenny as she makes history, features women's sports, and elevates women-run businesses, listen to the episode here:

shorturl.at/doGHZ

Or, you can check out the Sports Bra at:

@thesportsbrapdx
TheSportsBraPDX.com/

Have you heard of the Sports Bra or been out to experience it in person?

#lgbtqiaplus #womenownedbusiness #lgbgtqia #lgbtqcommunity #womenssports #womeninsport
Over this recent holiday stretch, we… - enjoye Over this recent holiday stretch, we… 

- enjoyed some quiet time at home
- got a sauna delivered (but not yet installed)
- decorated for the holidays
- baked a bunch
- visited our favorite farm
- did some sight seeing
- and perhaps, most importantly, survived the cold snap along with our feather friends (who lived in the garage for a few days so we could heat them with a space heater) 🥶🐔

How have the holidays treated you…and did you get hit by the winter storms? ❤️🎁☃️❄️
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