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Banking and Finance

Top 5 Ways to Save On Insurance for Floods

Top 5 Ways to Save On Save On Insurance for Floods

Does it feel like there are more and more “1-in-100-year” rain events taking place these days? You aren’t just imagining things!

According to recent reports, climate change is causing a lot more flooding to occur in cities all across the country. And this has led to more people sustaining damage to their homes in the process.

If you live in a place that either floods all the time or that could potentially flood in the near future, you’ll need to invest in flood insurance. You’ll also need to try to save on insurance for floods by taking the right steps.

The answer to the question, “How much is flood insurance?”, will vary depending on where you live. It can cost anywhere from $100 per year on the low end to more than $2,000 per year on the high end.

But you should be able to make your flood insurance cost more manageable by working at it. Here are five ways to save money on insurance for floods.

1. Start by Shopping Around for Flood Insurance

Far too often, people will call on just one or two insurance companies when they’re in the market for flood insurance. They’ll then sign up for a flood insurance policy through one of them without giving it a second thought.

Why do this when you can call on a half-dozen flood insurance companies, if not more, for a flood insurance quote? You can pit all of these companies against one another in an effort to save on insurance for floods.

The more flood insurance quotes you’re able to get, the more leverage you’ll have when negotiating a great rate. It’s why you shouldn’t be shy about touching base with as many insurance companies as you can.

Begin by learning about AE flood zone insurance and go from there.

2. Consider Elevating Your Home

Elevating your house is not going to be particularly cheap. You’re likely going to have to spend tens of thousands of dollars to do it.

But it might actually be worth looking into trying to elevate your home. It could slash your flood insurance rates by more than half and put you in a position to save on insurance for years to come.

If you live in a place where floods are going to become even more common than they already are, elevating your home might make all the sense in the world. It’s going to save you so much money over time.

If nothing else, you should attempt to elevate your home’s appliances. That could be enough to convince your flood insurance company to provide you with lower rates.

3. Make Sure Your Home Is Ready for Flooding

If a flood were to take place tomorrow, would your home be ready for it? If you aren’t sure, there’s a pretty good chance that it wouldn’t be prepared for the flooding that would occur.

With this in mind, you should do your best to prepare your home for potential floods. You can choose to either wet flood-proof your home (use flood-resistant materials on the lower level) or dry flood-proof your home (install a drainage system around your home) to accomplish this goal.

You will have to invest some money into flood-proofing your home. But just like with elevating it, it’ll be money that will eventually come back to you when you save on insurance for floods.

4. Think About Increasing Your Flood Insurance Deductible

Every single insurance policy comes with a deductible. A deductible is the amount of money that you’ll be required to pay to make repairs to something before your insurance kicks in and covers the rest of the balance for repairs.

If you have a very low deductible for flood insurance, it might be making your flood insurance cost sky-high. This is because an insurance company is going to have to foot most of the bill if your home is ever damaged by floods.

You can bring your flood insurance cost back down to earth by increasing your deductible. It’ll force you to pay more to make repairs to your home after a flood. But it’ll also help you save on insurance month after month.

Those who live in homes that have a low flood risk would really benefit from this kind of arrangement.

5. Get New Quotes for Flood Insurance Each Year

Once you sign up for a flood insurance policy, you might not ever want to have to go through shopping for it again. But you could possibly save on insurance for floods by getting a new batch of quotes for it each and every year.

Yes, it will be a time-consuming process. And yes, it would be easier to just renew a flood insurance policy year after year.

But if you’re determined to save on insurance for floods, the easiest way to do it is by shopping around for quotes on an annual basis. It’ll show your commitment to saving money on flood insurance and prove to be well worth your time.

After you’ve done it for a few years, you’ll begin to get the hang of it and it won’t be so bad anymore.

You Can Save On Insurance for Floods by Taking These Steps

It doesn’t appear as though the flooding that has taken place all across the country in recent years is going to slow down anytime soon. So you should make sure that you’re aware of how to save on insurance for floods.

By purchasing a flood insurance policy for your home, you’ll guarantee that you’re able to rebuild it if you’re ever affected by a flood. It’ll make dealing with floods slightly easier on you.

Would you like to get more tips on how to save on insurance policies that you’ll need to protect you in other areas of your life? Find them in our other blog articles.

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