All You Ever Wanted to Know About Flood Insurance

  |  August 30, 2011

Flickr/Edwin Martinez1

For those of you about to embark on home ownership, we wanted to pass on this nifty resource, since hurricane season is in full swing and we’ve seen what major storms can do to the Catskills. Floodsmart is a government site, the product of the National Floor Insurance Program, and it gives you a chance to find out the answers to questions like “how much could a flood cost me?” and has resources for condo-owners, homeowners and renters. (Actually, I have renters’ insurance, but I have no idea if it covers floods!)

In general, flood insurance premiums are based on the following factors:

  • Year of building construction
  • Building occupancy
  • Number of floors
  • The location of its contents
  • Its flood risk (i.e. its flood zone)
  • The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
  • The deductible you choose and the amount of building and contents coverage

All this means that it might be wise to check the flood zone of a building you’re interested in. You might save yourself a significant amount of insurance money by selecting a home on slightly higher ground.

Read On, Reader...