Should Southern Maryland Homeowners Carry Flood Insurance?

Kimberly Bean
Published on September 26, 2018

Should Southern Maryland Homeowners Carry Flood Insurance?

Are you finding yourself thinking more about flooding and natural disasters lately? Perhaps it’s the news of the devastation Hurricane Florence left behind in the Carolinas a couple of weeks ago. Or maybe the days of rain coming in our local forecast have brought flooding to the top of your mind.

I don’t blame you! Southern Maryland has experienced hurricanes in the past, and we all know areas in the region that flood when there’s too much rain.

Did you know that most standard home insurance policies do not cover flooding?

Go ahead — read through your homeowner’s insurance policy. (We’ll wait.) Damage from many kinds of natural disasters are covered in most policies, including wildfires, tornadoes, hail storms, and blizzards/ice storms, reports MarketWatch.

Rarely covered? Flooding, earthquakes, and mud- or landslides.

That means that when those disasters strike, you could be on the hook for all costs associated with the damage – if you’re not covered, that is.

Flood insurance can be expensive, MarketWatch notes, with an average premium in the U.S. of $848 per year as of April 2017. That means homeowners need to do a cost-benefit analysis when they’re considering purchasing flood or other extra disaster insurance, Michael Crowe of Clearsurance told MarketWatch.

How do you know if you need flood insurance? MarketWatch says to start by considering whether your home is at risk of flooding. Then, find out whether your home is in a food zone. You can find flood plain maps at your county government offices, or you can search by address on the Federal Emergency Management Agency (FEMA) website.

Flood insurance is available for purchase through private insurers and the federal government’s National Flood Insurance Program, which was created in 1968. If you want more information, consider talking to your home insurance provider.

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