How much flood insurance do I need if I live in a high-risk flood area? 

While flood insurance is only required if your property is located in a high-risk flood area and has a mortgage, it’s essential that you get one even if both conditions don’t apply to you. No one is ever safe from floods, and home insurance doesn’t cover floods in Cincinnati, OH.  If your home is marked as high risk, Advantage Insurance Network recommends buying enough insurance to replace and rebuild your home in case of damage.

Minimum flood insurance required by mortgages

Mortgage companies generally require you to have a specific level of flood insurance to protect your investment. If floods completely destroy the house, and you decide to abandon the home and stop making payments, your mortgage lender will be left behind by a huge loss because they will not know what to do with the damaged property. You will be required to have insurance to cover the cost of property development or simply buy the maximum limit.

Flood insurance for properties in high-risk flood areas

Homeowners and landlords with residential and commercial properties in high-risk flood areas across Cincinnati, OH, can buy flood insurance to protect their investments. While there is no limit, it’s always prudent to have enough coverage to replace your possessions and rebuild your home. Don’t check the value of your home, as this changes frequently. Instead, calculate the cost to rebuild based on the quality of materials used, size of the home, and labor cost in your area. Next, come up with a list of your personal belongings in your home, such as furniture and clothes, and add the amount to the cost of rebuilding. You can use this figure to guide your flood insurance purchase.

Let us help you

Don’t forget to assess your risk levels frequently as it changes with time. If you need more help determining your flood insurance amount, our experts at Advantage Insurance Network can help you through the process. We’re just a call away.