FAQ
Flood Statistics and Facts
- Every year, flooding causes more than $2 billion of property damage in the US
- In a high risk area, a home has a 25% chance of being damaged by flood during the course of a 30-year mortgage, compared to a 9% chance of fire
- Roughly 25% of all claims paid by the NFIP are for policies in low to moderate risk communities (Flood Zones B, C and X)
- In some cases, it takes 30 days after purchase for a policy to take effect, so it's important to buy insurance before the floodwaters start to rise
- Federal disaster assistance is usually a loan that must be paid back with interest. For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2,880 a year) for 30 years. Compare that to a $100,000 flood insurance policy, which is about $400 a year ($33 a month)
- When your community participates in the Community Rating System (CRS), you can qualify for an insurance premium discount of up to 45%.
- Over the past 10 years the average flood claim has amounted to over $33,000. Flood insurance is the best way to protect yourself from devastating financial loss.
- Floods and flash floods happen in all 50 states.
- Everyone lives in a flood zone (either High Risk, Moderate Risk, or Low Risk)
- It only takes a few inches of water to cause major damage to your home and its contents
- Flash floods often bring walls of water 10 to 20 feet high
- Hurricanes, winter storms and snow melt are common (but often overlooked) causes of flooding
- New land development can increase flood risk, especially if the construction changes natural runoff paths.
