Ohio Flood Insurance

We are deeply saddened for all of those families affected by the recent hurricanes and tropical storms throughout the United States and beyond. We have fielded a lot of questions from our current clients recently around flooding in Ohio and flood insurance in Ohio. We have taken the time to address these questions both personally and formally here in this blog post. Flood insurance, as in any other state, is certainly it's own line of business and requires a seasoned and knowledgable agency, like Cobos Insurance, to assist you in making any purchasing decisions. Give us a call today at 440.233.6199 if you would like to discuss flood insurance coverage for your Ohio home or business! 

Since standard homeowners insurance does not cover flooding, it is important to have protection from the floods associated with heavy rains, rapid snow melt, (residual) hurricanes, and other conditions that impact Ohio and the country. In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves. The NFIP allows homeowners, renters and business owners to purchase flood insurance through private property and casualty insurance agents. In order to qualify for flood insurance, the home or business must be in a community that has joined the NFIP and has agreed to enforce sound floodplain management standards.

Ohio Flood Insurance Facts

  • Losses caused by flooding are not covered by homeowners or renters insurance. Coverage is available through a separate flood insurance policy, the National Flood Insurance Program, which is administered by the Department of Homeland Security's Federal Emergency Management Agency (FEMA).
  • Flood coverage is available for any building located in a community that has qualified for the NFIP. Buildings do not have to be located in a floodplain to be eligible for flood insurance.
  • Most Ohio communities qualify for the NFIP. According to FEMA, approximately 280,000 structures are located in Ohio's mapped floodplain areas with a value of $11 billion. About 10 percent of these structures are protected by flood insurance. Click here to view a list of Ohio communities participating in the National Flood Insurance Program.
  • As of December 31, 2016, the average flood insurance premium in Ohio is $958 annually, compared to $705, nationally. The average flood insurance premium for states within FEMA Region V is $931. Region V states: Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin.
  • Licensed property/casualty insurance agents or brokers can sell flood insurance. To request an agent referral, contact: 1-888-379-9531. 
  • Flood damage to vehicles is covered by auto insurance when comprehensive coverage is purchased.

Ohio Flood Insurance Basics

  • Typically, there is a 30-day waiting period from date-of-purchase before your flood insurance policy goes into effect. Exceptions:
    • - If flood insurance is being purchased in connection with the making, increasing, extending or renewing of your loan
    • - If a building has been newly designed in the Special Flood Hazard Area (SFHA) and flood insurance is being purchased within the 13-month period following a map revision
    • - If flood insurance is required as a result of a lender determining that a loan that does not have flood insurance coverage should be protected by flood insurance
    • - If an additional amount of insurance is selected as an option on the renewal bill.
  • Flood insurance protects against damages caused by surface flooding, with limited coverage in basements. It does not usually cover damages from sewer backup or sump pump failure. There may be certain conditions when coverage would apply.
  • All policy forms provide coverage for buildings and contents. However, you might want to discuss insuring personal property with your agent, since contents coverage is optional.
  • Homes can be insured up to $250,000; furnishings and contents coverage is available up to $100,000. Commercial (business) coverage is available up to $500,000.
  • Excess flood insurance is available for homes valued over $250,000 and for businesses over the standard $500,000 threshold. Excess flood insurance policies are additional policies available from private insurers to cover damage in excess of NFIP limits.
  • To file a flood insurance claim, contact the insurance agent or company who sold you the policy.

Thank you to our friends at Ohio.gov for always putting our useful and relevant content when it comes to the state of Ohio. We appreciate all of the above information that they were able to provide to us and our clients as well! They did mention that backup of sewer and failure of sump pump are both two incidents that are typically not covered by federal flood insurance, however we here at Cobos Insurance go to great lengths to ensure that you have the coverage you need for your Ohio home owner's insurance program. We do work with carriers that offer coverage for back up of sewer and sump pump failure, so be sure to mention these the next time we chat about your insurance coverage, if they are of concern to you and your home. 

 

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