For those who want to protect their personal property, obtaining a homeowners’ policy is essential. Many homeowners don’t realize that homeowners insurance policies often do not cover flooding. For residents of Pennsylvania who live in flood-prone areas, it is important to have financial protection against unanticipated water damage.
Flood Insurance is a must for Pennsylvania homeowners
FEMA has collected data that shows that 99% of the US counties have been affected by flooding in the last 20 years. Pennsylvania residents are particularly at risk due to the fact that the state has experienced 50 or more flooding events in any given year. Pennsylvania’s average flood claim payment is over $20,000 and its most flood-prone areas are its southeastern and southwestern counties. Flood activity is high in Pennsylvania, so it’s important that homeowners get flood insurance to help protect themselves from financial hardship due to water damage.
Flood insurance in Pennsylvania: What is the cost?
The cost of flood insurance in Pennsylvania is determined by many factors, such as location, home value and claims history. The cost of flood insurance policies will differ depending on the details you provide. However, the National Flood Insurance Program reports the average Pennsylvanian pays $1,176 annually to cover their flood insurance needs. The following information will help you determine if your premiums are higher or lower.
- Flood risk
- Types of coverage
- Deductible
- Coverage for building/contents
- Localization
- Design and age of your home
Flood Insurance: When should you purchase it?
Flood insurance policies often require policyholders wait at least 30 calendar days before coverage is activated. It is important that homeowners secure flood insurance coverage before a storm hits. There is no right time to buy flood insurance. However, purchasing coverage as soon as you discover your home falls in an area of higher risk will save you lots of hassle later. Residents in Pennsylvania are most likely to experience the worst flooding during the spring. It is a good idea to buy a policy before the spring thaw to ensure that you have active coverage for when you most need it.
Flood Insurance in Pennsylvania: How to Purchase
It is easy to secure flood insurance in Pennsylvania. Residents can contact their homeowners’ insurance provider to find out if they offer this policy or seek coverage elsewhere. According to Pennsylvania’s official website flood insurance products can be purchased through private insurers. This includes surplus lines insurance, which is a type of insurance that’s offered by an insurer not licensed in the state where the policyholder lives. There are two types of flood insurance policies that most insurers offer: dwelling and contents. Your home’s structure is covered by dwelling policies , while contents policies protect any damage to personal items in your home. Make sure you discuss your options with your chosen provider to ensure that they are able to meet your needs.
Most Frequently Asked Questions
My home was redrawn to flood zone. What should I do?
FEMA regularly updates its flood risk map, which could cause your home’s location to be redrawn in a flood zone. You can appeal this decision to FEMA by calling 1-877 FEMA-MAP, or visiting the FEMA Website. FEMA may deny your appeal. However, you can still get flood insurance coverage before the spring season begins to ensure you are covered in case of an emergency.
I have homeowners insurance. Do I have coverage?
No. Flood insurance is not typically included in standard homeowners’ or renters’ insurance policies. Make sure you carefully review your policy to ensure you have the flood coverage that you require.
FEMA already offers disaster assistance after a flood. Flood insurance is a good idea.
FEMA can provide disaster relief for areas declared emergencies by the President. However, flooding problems can still arise in cases where there is no emergency declaration. Flood insurance pays out no matter if the President declares the area a disaster zone. It is important that all residents have flood insurance, especially if they are in an area at high risk of flooding.
