Insurance Read Time: 2 min

Protecting Your Home Against Flood Loss

In 2021, the average flood claim payout from the National Flood Insurance Program was $44,401.1

The financial loss that comes with flooding can be devastating. Yet, many Americans are not protected against flood damages, primarily because flooding is not covered under a standard homeowners policy.

Low vs. High Risk

Even if you are in a moderate-to-low-risk area—homes not residing within mapped high-risk flood plains—you could suffer flooding at some point. In fact, moderate-to-low-risk areas account for nearly 25% of all National Flood Insurance Program insurance claims and one-third of federal disaster assistance for flooding.1

To protect yourself from the financial risks of flooding, you can consider purchasing insurance through the National Flood Insurance Program, which you can obtain through a local insurance agent. However, to be eligible, you will need to live in a community that participates in the program.2

Coverage Choices

If you live in a moderate-to-low-risk area, you may qualify for coverage at a preferred rate, with building and contents coverage for one low price.

If you live in a high-risk area, the National Flood Insurance Program offers separate coverage for buildings and contents.

The cost of flood insurance depends on a number of factors, including the age of your home, the number of floors, the location of contents, and other considerations. You should consider the amount of your deductible and level of coverage before purchasing a flood insurance policy.

1. PolicyGenius.com, December 22, 2022
2. FEMA.gov, 2023

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Free Retirement Guide

It's never too soon to start preparing for retirement. But do you know what to look out for? Download our free ebook, "Retire Happy: A Simple Guide to Your Next Big Adventure."



Thank you! Oops!
 

Related Content

Retiree Health Care Coverage Overseas

Retiree Health Care Coverage Overseas

Retirees traveling abroad need to know that their health insurance travels with them.

Understanding the Alternate Valuation Date

Understanding the Alternate Valuation Date

Executors can value the estate on the date of death, or on its six-month anniversary —the “Alternate Valuation Date."

Test Your Estate Strategy Knowledge

Test Your Estate Strategy Knowledge

Estate management can help ensure that your assets are transferred according to your wishes while managing tax issues.

 

Have A Question About This Topic?







Thank you! Oops!

What Is a 1035 Exchange?

1035 exchanges provide a way to trade-in an annuity contract or life insurance policy without triggering a tax liability.

Pickleball in Retirement

Learn about the latest sport to sweep the nation with this informative article.

Does Your Portfolio Fit Your Retirement Lifestyle?

Lifestyle considerations in creating your retirement portfolio.

View all articles

Historical Inflation

This calculator shows how inflation over the years has impacted purchasing power.

Potential Income from an IRA

Estimate your monthly and annual income from various IRA types.

What Is My Risk Tolerance?

This questionnaire will help determine your tolerance for investment risk.

View all calculators

5 Smart Investing Principles

Principles that can help create a portfolio designed to pursue investment goals.

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

View all presentations

Encore Careers: Push Your Boundaries

Ready for retirement? Find out why many are considering encore careers and push your boundaries into something more, here.

Should You Tap Retirement Savings to Fund College?

There are three things to consider before dipping into retirement savings to pay for college.

Perception vs. Reality

There’s an alarming difference between perception and reality for current and future retirees.

View all videos