Flood damage is a top concern among Oklahoma homeowners. Most standard insurance policies don’t cover it, so obtaining a separate policy through the National Flood Insurance Program (NFIP) is highly recommended.
Your flood risk will determine how much you pay for flood insurance policies, with costs also depending on building materials used and occupancy status of the property.
Cost
Flood insurance costs depend heavily on your individual risk profile. Insurers typically consider factors like location, elevation and proximity to rivers or lakes when setting rates; other considerations could include type and value of property as well as amount purchased (building coverage vs contents coverage) plus any deductible chosen.
If you live in a low-risk area, finding affordable flood insurance should not be difficult. Just shop around to compare quotes from various providers as not all offer the same policies or pricing structures. A higher deductible could save money too as claims will cost less in case there’s one filed against it.
The National Flood Insurance Program provides various policies for homeowners, renters and business owners who may be at risk from flooding. Because most flood damage isn’t covered by traditional home or commercial policies, having a comprehensive flood policy in place to safeguard assets against possible financial devastation should a flood strike is highly important.
Oklahoma is vulnerable to flooding due to its close proximity to the Gulf of Mexico and many rivers and streams in its interior, which increase your risk. Blaine, Carter, Custer, Greer Jackson Johnston Love Murray OKfuskee Pushmataha Washita counties are particularly prone to flood damage.
Flooding is the leading cause of property loss in Oklahoma and, according to FEMA’s advice, all Oklahomans should purchase flood insurance regardless of where they reside or whether or not there are special flood hazard zones nearby.
FEMA has warned that many existing National Flood Insurance Program (NFIP) policies are currently paying subsidized rates and will transition soon to risk-based costs. To get an idea of the average costs in each state and flood zone, click here and view a chart with average costs in each. To inquire further about getting flood insurance quotes contact any licensed property/casualty agent, including those selling auto and home policies, as they offer flood policies as well.
Coverage
The Federal Emergency Management Agency strongly suggests that everyone purchase flood insurance, regardless of where they reside. While standard home and rental policies don’t cover flooding, coverage through the National Flood Insurance Program (NFIP) could help shield you against financial ruin. An NFIP policy covers the costs associated with rebuilding or replacing property damaged by floodwaters, as well as reimbursement of moving belongings into temporary storage facilities or any other expenses you incur due to flooding. NFIP policies typically offer two forms of insurable properties, building and contents coverage. Building coverage typically refers to permanent structures like your house while contents coverage covers your personal belongings; however, you can tailor your policy according to your own individual needs.
Floods often conjure images of catastrophic events like Hurricanes Katrina or Sandy; however, floods are actually much more prevalent than many realize – just a few inches of water can do significant damage, ruining furniture, electronics and valuables as well as potentially introducing mold and bacteria that could threaten human health – thus making flood insurance essential.
After being exposed to floodwater, your family will likely face immense difficulty and trauma as they attempt to rebuild their home, replace belongings and deal with emotional trauma associated with such an event. Flood insurance provides vital coverage that can help your family get back on its feet quickly and effortlessly.
NFIP coverage can be purchased from any licensed property/casualty agent or broker, making it convenient to purchase from the same source who sells you your homeowners or auto policies. Furthermore, federally funded financing must also include an NFIP policy when buying, building or renovating homes in flood hazard zones.
The Oklahoma Water Resources Board (OWRB) works to prevent and mitigate flooding effects throughout Oklahoma by coordinating Oklahoma’s participation in the National Flood Insurance Program (NFIP). In particular, they assist communities in creating and enforcing floodplain regulations within designated flood hazard areas, provide flood risk data for real estate development purposes, and promote floodplain issues through education and outreach activities.
Deductibles
Floodwater damage isn’t covered under most homeowner policies, so if your area is at high risk for flooding it would be prudent to purchase additional coverage through either National Flood Insurance Program (NFIP) or private insurers. Both options provide coverage for buildings and their contents as well as personal property as well as liability protection.
Flood insurance premiums depend on both location and risk level of an area. Homes located in high-risk zones (A and V), where 26% chance of flooding over 30 year mortgage, will likely pay more. Deductible is another major factor, which can reduce premium costs; choosing higher deductible amounts reduces premium costs, but must also be willing to cover their full payment in case of a claim.
Flood policies typically feature two separate deductibles for building and contents damage: structure deductible for your house’s structure, and contents deductible for personal belongings inside it. Assuming your home has experienced flood damage with $2,000 building deductible and $1,500 contents deductible respectively; in such an instance you would be responsible for paying up front the initial $2,000 of repair costs before your insurance provider covers any further repair bills.
If you are purchasing a flood policy, it is recommended to work with an experienced agent who can guide you through your options and choose the optimal coverage for you. They will also explain various deductibles and how they work as well as ways to lower premiums. It’s beneficial if this same insurance agent also handles health, car or homeowners policies for you.
The City strongly urges its residents to purchase flood policies. We offer a free home inspection as part of this process, and installing flood openings or filling your basement could save money. Please keep in mind that any construction within a floodplain requires a permit and should be built at least one foot above base flood elevation.
Requirements
Flood damage can be costly. Unfortunately, many Oklahoma property owners lack the coverage needed to cover these costs due to standard homeowners’ policies not offering flood coverage. For those that do have protection, FEMA administers the National Flood Insurance Program which offers policies with two coverage types – building/structure coverage and contents/personal belongings coverage.
A standard National Flood Insurance Program policy offers reimbursement of up to $250,000 for structure damages and $100,000 for contents of residence, with deductibles that depend on your level of risk. You can identify this by viewing the FEMA flood zone map, which shows which areas fall into high-risk zones versus not – this should help determine your property’s risk level; living in high-risk zones requires flood insurance, while having coverage is recommended even if not mandatory;
NFIP offers coverage options tailored to homes, condos, mobile homes and businesses of various kinds. This includes building and contents coverage for single-family dwellings as well as renter’s content insurance for renter’s. Typically buildings are valued based on replacement cost value while contents reimbursed at actual cash value – discover more by visiting its website!
No matter where you live, flood insurance should always be an excellent idea and required by any federally-backed mortgage. Many people are unaware they live in a flood zone while others mistakenly assume their existing homeowners policy will cover flooding.
Oklahoma Water Resources Board (OWRB) recommends every resident purchase flood insurance policies. OWRB oversees Oklahoma’s participation in the National Flood Insurance Program (NFIP), works to prevent flooding disasters by coordinating floodplain management, developing and enforcing regulations in designated flood hazard zones as well as offering guidance for local governments in meeting NFIP requirements and planning for disaster recovery.