Flood insurance is required in
Ohio if you live in a high-risk zone and have a government-backed mortgage. Ohioans pay an average of $1,170 per year for flood insurance policies.
It is easy to overlook flood insurance, as evidenced by the fact that less than 1% of Ohio households are covered with a policy. It’s possible that many people forgo flood insurance because they believe regular homeowners insurance will cover flood damages (spoiler: it doesn’t).
To help you understand your flood risk and how a flood insurance policy can help you, home and
car insurance super app
Jerry has put together this article to walk you through what you need to know in the Buckeye State.
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What is flood insurance?
Flood insurance covers damage to your property or contents caused by external flooding.
Since homeowners insurance does not cover water damage from severe weather, you will need to purchase a separate flood insurance policy if you want protection. This can be done through the National Flood Insurance Program (NFIP) or private insurance providers.
To buy NFIP flood insurance, you will need to live in one of Ohio’s participating communities. Most Ohio communities do participate, but
here is a list for you to check if your area qualifies.
If your home is not in a participating area, you can still purchase private flood insurance through a company such as Neptune.
What does flood insurance cover?
There are two types of coverage available: dwelling coverage and contents coverage.
Dwelling coverage protects the structure of your home and built-in contents like water heaters and HVAC systems. It will usually also cover more permanent appliances like fridges and ovens.
Contents coverage covers your personal property–things like furniture, art, jewelry, and electronics.
There are some exceptions here that can make claims quite complicated. For instance, currency and personal items that are stored in basements are not covered.
Flood insurance also typically does not cover damage caused by backed-up sewage systems. This is also excluded from most homeowners insurance policies, so if you want coverage here, you will need to add an endorsement to your home insurance.
Electrical and plumbing systems
Water heaters and furnaces
Large appliances like dishwashers or refrigerators
Permanently installed bookcases, cabinets, and paneling
Permanently installed carpets
Foundational walls, staircases, and anchorages
Fuel tanks, solar panels, and well water tanks/pumps
Decks and patios
Fences and landscaping
Washing machine and dryer
Portable air conditioners, including window units
Carpets not included in building coverage
Valuables such as artwork up to $2,500
Anything stored in a basement
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Key Takeaway Make sure you have a clear understanding of what is covered under your flood insurance policy well before a storm is incoming.
Do you need flood insurance in Ohio?
You will need to purchase flood insurance in Ohio if you have a government-backed mortgage and live in a high-risk flood zone.
FEMA high-risk flood zones are marked with an A, AE, X, or V on the agency’s map.
If you live in another FEMA zone that is not a high-risk or special flood hazard area, your lender might still require you to purchase flood insurance.
Even if your lender does not require flood insurance, it is highly recommended that you purchase a policy.
20% of flooding events in America take place in low-risk zones, and the average cost of flood damage to a single property is $38,000.
How much does flood insurance cost in Ohio?
The average cost of flood insurance in Ohio is $1,170 per year, or $98 per month. This is considerably higher than the national average of $739 per year.
However, if you live in a low-risk area, you likely qualify for much cheaper insurance premiums. The average cost of flood insurance in low-risk areas is $595 per year.
Most Americans get their flood insurance through the NFIP, but if you live in a high-risk zone, it might be worthwhile to look into private companies as well. Some private flood insurance providers can provide the same coverage for a fraction of the price.
The standard coverage limits for residential properties are $250,000 for building and $100,000 for contents coverage. If you are in a low-risk area, one way of saving money is to decrease these limits. However, if you have a large or high-value property, you might want to look into purchasing flood insurance with higher limits.
How to save money on flood and homeowners insurance?
Flood insurance can really run up your monthly insurance costs. We understand how stressful that can be, so here are some tips on saving money on your monthly premiums:
There are some effective ways to save money on homeowners and car insurance as well. Looking for available
discounts can have a surprisingly large effect.
Bundling your home and auto insurance is another very common way to bring down monthly premiums.
The most effective way to lower your insurance costs, though, is to shop around.
Comparing policies yourself can be tedious—and that’s where
Jerry can help. With Jerry, you can compare policies from top insurance companies and make an easy in-app switch.
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