Floods are among the most common natural disasters in the United States, and Ohio is no exception. From heavy rains to melting snow, floods can happen at any time and cause significant damage to homes and businesses. That’s why it’s essential to have flood insurance to protect your property and finances in case of a flood.
Here are three things to know about your flood insurance in Ohio:
1. How much can you expect to pay?
The cost of flood insurance in Ohio varies depending on several factors, such as the property’s location and flood risk, the coverage amount, and the deductible. According to the Ohio Committee for Severe Weather Awareness, Ohio’s average flood insurance premium is $1,116 annually, compared to $958 nationally. It’s important to note that the federal government sets flood insurance rates through the National Flood Insurance Program (NFIP). Therefore, they are the same regardless of your chosen insurance provider. However, the cost of flood insurance can vary depending on factors such as the location of your property, the flood risk in your area, and the level of coverage you choose.
2. Is it mandatory if you own a home?
Flood insurance is not mandatory in Ohio, but it’s highly recommended for homeowners who live in flood-prone areas. Mortgage lenders may require homeowners to purchase flood insurance if their property is in a high-risk flood zone. It’s important to note that standard homeowners insurance policies do not cover flood damage. You will need a separate flood insurance policy to protect your property and belongings.
3. Is it tax-deductible?
While flood insurance may not be tax-deductible for most homeowners, the peace of mind it provides in case of a flood is priceless. Therefore, it’s crucial to understand the costs, requirements, and potential tax implications before purchasing flood insurance.
Bill Palmer Auto Insurance Has Your Back
If you have questions or concerns about flood insurance or want a quote, contact Bill Palmer Insurance for expert guidance and assistance. Floods can happen anytime, anywhere, and cause significant damage to your property and finances. If you live in Ohio, it’s essential to understand your flood risk and consider purchasing flood insurance to protect your home and belongings.
Our team of experts can help you determine the coverage you need and find a policy that fits your budget. Contact us today to get started.