If you live in Maryland by the bay or along the coast you are probably well informed when it comes to flood insurance coverage, but what about the rest of the state and those who don’t live near the water? Is flooding a risk for the majority of Marylanders? The answer to that question may surprise you!
Flooding is a common problem for homeowners across the state, and even a small flood can cost tens of thousands of dollars in repairs. Let’s look at some flood facts in Maryland and see why flood insurance is important for homeowners throughout the state.
Flood Zones
Homes are put into one of three categories when it comes to flood risk, based on the amount of risk that is determined by various factors. Homes with a category one risk are likely homes that are close to large bodies of water, or in areas where rain runoff could flood rivers or creeks easily. These homes require flood insurance in order to obtain a mortgage, because the risk is too great to not have the insurance.
Homes that are category two are not required to be insured, but still carry a moderate risk of flooding. Because Maryland is a coastal state and is low lying in many areas, flooding is always possible. Finally, category three is for homes that pose very little flood risk, or simply haven’t been evaluated for their risk.
Flood Damage
If you are in a category two or three, you may feel flood insurance is unnecessary, but that couldn’t be further from the truth. Flood damage is unfortunately very costly, so even the smallest flood can cost thousands to repair. As little as one inch of water in your home can cost over $20,000 to repair because of damage to flooring, drywall, etc. That cost does not even include the loss of personal items, such as electronics and furniture.
Flood Coverage
So what are your options for coverage? If you live in a category one area you will be required to have flood insurance on your property by your mortgage company. But for homeowners in category two and three, flood insurance is a personal choice. Generally flood insurance is not included in your homeowners insurance, and will cost around $500 per year to add onto your home insurance.
Your Resource for Maryland Flood Insurance
Whether you live in an area prone to flooding or not, having flood insurance in Maryland is a wise decision. Whether your property is at risk because of a nearby river, a hurricane, or oversaturation of the ground, having coverage could wind up saving you tens of thousands from a single flood event. If you need help with flood or homeowner’s insurance in MD, call us at Freedom Insurance today! We’d love to help you find the best policy for your needs so you can have piece of mind.
