Flood Insurance Is Expensive. Maybe I Should Risk It?
Before you jump to that conclusion, keep in mind that 20 percent of all National Flood Insurance Program claims come from people in low-risk zones. Now consider two inches of flooding in a 1,000 square-foot home can cause nearly $11,000 in damages.
Sound like a gamble you'd want to take?
Probably not, especially when you realize how affordable flood insurance can be if you're not on a floodplain. High-risk areas may be a bit pricier, but you can still save money by:
- Being as accurate as possible on your application.
- Getting grandfathered in on an earlier flood map.
- Upgrading your house to make it more flood-resistant.