Like mine, your home owner’s policy probably covers damage related to a fire. RiskFactor.com calculates my home’s fire risk at 1 in 10. Interestingly, one in ten is my house’s same risk factor of being damaged in flood. Do you know if your policy covers damage related to floods? Mine doesn’t. Am I playing with fire?

Of the thousands of homes I’ve been in, I’m aware of fewer than five that suffered any fire damage. Flood-damaged homes are everywhere. So, why don’t we carry flood insurance? Because we don’t think we need it, and it’s expensive.  

When we think of high-risk flood zones, we think of areas near lakes and rivers. FEMA says we should think differently. Most of us live in low to moderate areas on the flood scale—homes flood for reasons other than high water on lakes and rivers. Think August 2018. Twenty-five percent of flood claims are related to damage in low to moderate zones. With finished basements being the norm, it’s no surprise that a typical flood damage claim will reach $25,000. (I see Zander Solutions is installing drain tile at a neighbor’s house today. Somebody hauled the damage out last week.)

So, how expensive is flood insurance? I’m waiting for a quote, but RiskFactor.com estimates I’ll pay $500 to $800 per year. That’s a lot less than I expected. If you don’t have flood insurance, make a point of checking with your insurance agent. We can’t stop the rain, but we can protect ourselves against rainy days.