Is Flood Insurance Worth It?

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Do you know that insurance companies received about $3.3 billion in flood insurance claims annually between the years 2003 and 2012? When you consider the damage incurred not only by the flooding associated with Hurricane Katrina, but by the hundreds of other floods that occurred during the past decade, you would think that there would be more than $3.3 billion.

If that’s what you think, you are absolutely correct, because only 5.5 million Americans have flood insurance coverage. On the other hand, approximately 92% of all American homes are covered by home insurance. Overall, FEMA estimates that nearly two-thirds of U.S. homeowners do not carry adequate homeowners insurance.

When it comes to insuring your home, it is fairly easy to go online to find an affordable homeowners insurance quote, fixed term annuity, and small business insurance. But that is not always the case when it comes to flood insurance quotes. In fact, the cost of flood insurance is one of the reasons that so few Americans choose to purchase it to begin with.

Since the damage caused by flooding can be devastating, purchasing flood insurance seems look a wise decision. However, many homeowners find flood insurance too expensive to justify the cost, because even when they do purchase it, the level of coverage isn’t commensurate with the investment. Therefore, they choose to take their chances.

The good news is that flood insurance can be affordable if homeowners simply take the time to do the research. As is often the case with other types of insurance, finding a good flood insurance quote online can be as easy as life insurance, health insurance, homeowners insurance, and fixed term annuity rates.

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