In the wake of massive wildfires in Los Angeles, property owners have insurance top of mind. Although Mid-Missouri is not known to suffer from wildfires, it is no stranger to flooding.
Spring is just around the corner, bringing the risk of heavy rains, overflowing rivers, and potential flooding. If you own a home in Mid-Missouri, now is the time to ensure you’re protected. Flooding is one of the most common and costly natural disasters in the U.S., and the best way to safeguard your home and finances is with flood insurance. Here’s what you need to know.
Does My Homeowners Insurance Cover Flood Damage?
Most homeowners insurance policies do not cover flood damage caused by external water sources, such as overflowing rivers or heavy rainfall. However, they typically do cover water damage from broken pipes, sewer backups, or frozen pipes—issues that originate inside the home.
While federal disaster assistance may be available after a major flood, it’s not guaranteed and is often limited. The safest and most reliable way to protect your home and belongings is by purchasing a separate flood insurance policy.
What Exactly Does Flood Insurance Cover?
Flood insurance helps cover damage caused by flooding, which can result from:
- Heavy or prolonged rain
- Melting snow
- Storm surges
- Blocked drainage systems
- Levee or dam failures
This type of policy can cover repairs to your home, replacement of personal belongings, and, in some cases, business property losses.
Do I Need Flood Insurance?
If your home is in a high-risk flood area (meaning there’s a 1% or greater annual chance of flooding, as determined by FEMA) and you have a federally backed mortgage, your lender will require you to have flood insurance.
However, even if you’re not in a high-risk area, that doesn’t mean you’re in the clear—anywhere it can rain, it can flood. Mid-Missouri has seen devastating floods in the past, and no homeowner is completely immune to the risks.
What About Renters?
If you’re renting a home, it’s important to know that most renter’s insurance policies do not cover water intrusion from outside sources, like floods. However, they typically do cover damage to your personal belongings caused by things like broken or frozen pipes inside the home. If you’re renting in an area prone to flooding, consider purchasing a separate flood insurance policy to protect your belongings.
How Much Does Flood Insurance Cost?
According to FEMA, the average cost of flood insurance is about $1,000 per year, but rates can vary depending on factors such as:
- Your home’s location and flood risk
- The structure’s elevation
- Your deductible
- The level of coverage you choose
An insurance agent can help you determine the best coverage for your specific situation.
Where Can I Buy Flood Insurance?
Homeowners in Mid-Missouri have two main options:
1. The National Flood Insurance Program (NFIP)
Managed by FEMA, the NFIP offers policies to homeowners, renters, and businesses in participating communities. Coverage includes up to $250,000 for home repairs and up to $100,000 for personal property. Non-residential properties have higher limits.
Want to check if your community is eligible? Visit FEMA’s website to find out.
2. Private Flood Insurance
Private insurers also offer flood insurance, often with higher coverage limits and additional benefits like:
- Coverage for temporary living expenses if you’re displaced
- Faster claims processing
- Customizable policy options
Some homeowners choose to supplement an NFIP policy with a private plan for extended coverage.
How Soon Should I Get Flood Insurance?
Don’t wait until the next big storm! NFIP policies typically have a 30-day waiting period before coverage takes effect, so it’s important to act now before spring rains arrive. Private flood insurance may have different waiting periods, so check with your provider.
Protect Your Home Before the Waters Rise
Flooding can happen unexpectedly, and the financial impact can be devastating. Now is the time to assess your home’s risk and explore your flood insurance options. Don’t wait until it’s too late—contact a licensed insurance agent to ensure your home and belongings are protected before spring floods hit Mid-Missouri.
For more information, visit facts.realtor or check out FEMA’s resources on flood insurance and risk assessment, and for more real estate insights and homeowner tips, follow me on social media or visit my website.