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House with Severe Basement Flood Damage in MarylandAs you might already know, flood insurance is not included in most of the home insurance policies in order to keep the monthly premiums low. This means that flood insurance is a separate expense that many homeowners take the risk not to pay.

Should you purchase flood insurance? Budget Waterproofing is here today to help you figure this out.

What causes floods?

You might associate flooding with coastal areas, and that’s a fair assumption. However, more than 98% of the properties insured through the National Flood Insurance Program (NFIP) are inland. While hurricanes that bring high waves and strong winds usually are to blame for coastal flooding, the inland floods are typically caused by vicious summer storms, early winter snow melts, rising rivers, as well as man-made issues.

What types of flood insurance are available?

The government’s NFIP is the number one insurance program that offers flood insurance benefits to low- and middle-income homeowners. If your home is valued at more than $1 million, you could purchase flood insurance from one of the few private companies that offer it.

Your yearly premium will depend on such factors as your home’s location and proximity to flood zones, home’s value, the amount of coverage you’d like to receive, and the value of the home’s contents you wish to insure. You can end up paying anywhere from several hundred to several thousand a year.

Who should buy flood insurance?

No building is absolutely safe from flooding, because you never know what amount of heavy rain or which human error will lead to this disaster. As Maryland basement waterproofing professionals, we would recommend protecting your property from any future floods if you know for sure your home or your neighbor’s home has flooded before.

You can use this digital flood insurance rate map (DFIRM) to determine whether your Maryland home is in the flood risk zone. Also, take a look at DFORM’s website for more information.

Note: homes and commercial properties located in high-risk flood areas and mortgaged from federally regulated or insured lenders and are required to have flood insurance.

If you decided you will benefit from purchasing flood insurance, now is the time to see if you qualify for one. All you need to do is to make sure NFIP coverage is offered in your local Maryland community.

Will flood insurance cover my basement as well?

There are two types of NFIP flood insurance coverage that have to be purchased separately: building coverage and personal coverage. Building coverage includes such things as foundation, plumbing and AC systems, fuel tanks, water heaters, and built-in appliances. Personal coverage includes your possessions and other contents of the affected area.

NFIP offers limited coverage to below-grade structures, such as basements and crawlspaces. Most of the personal items stored in the basement, as well as any basement modifications, such as finished walls, ceiling, flooring, etc., are NOT covered. Keep this in mind while shopping for flood insurance.

Flood insurance will help you make it through a major natural disaster, but for routine maintenance, we recommend waterproofing your basement. Repairing cracks, sealing gaps, installing a sump pump or a drainage system will help protect your basement and its contents from heavy rains and borderline flooding conditions. Our Baltimore basement waterproofing company will be happy to help you reinforce your basement. Give us a call if you have any questions.