![]() ![]() You can use 10% of your coverage to cover other structures on your property. Flood insurance quote Ohio In our example, the Base Flood Elevation (BFE is 577.4) is a home that is built before 1973 NFIP option in Ohio Flood Zone AE NFIP – Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible NFIP Annual premium in High-Risk flood zone is $4,254.00 This option is what we see if the property has had a flood loss before and either doesn’t have an Elevation Certificate applied, or the Elevation certificate shows that the lowest floor is 4 feet under the BFE for the area. Cost of Flood Insurance in OHIO in high-risk flood zone AE Our example is in Columbus, but the premiums will be the same if in Butler, Sandusky, Franklin, Cincinnati, Hamilton, and many other Ohio flood ones. We will be rating this example on the NFIP and on a few of our private flood insurance policies, specifically Lloyds flood insurance options in Ohio. We will look at the Ohio cost of flood insurance for the NFIP maximum of $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000. We will try to give you an idea of the most common homes we see in Ohio with a slab-on-grade foundation. The cost of flood insurance in Ohio depends on many factors unique to the structure. Your lender will require you to have flood insurance. Your property is in a higher-risk flood zone, usually identified with a Flood Zone AE. The average cost for flood insurance in Ohio with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year. ![]() FEMA flood zone maps often take years to go into effect after the terrain was studied this gives the impression that the area is “more up to date” than it is. Our recent storms are facts that it can rain anywhere within Ohio, and you should consider getting flood coverage so you are not uninsured when you need it most. FEMA admits that their flood maps only give an idea of part of the risk. Because of all these factors, it is difficult for property owners to know their true risk of flooding. If the area has been developed, there is likely more concrete, creating a barrier for land that previously might have absorbed the massive downpour. Many of these maps are over 40 years old. One more note on these low-risk flood zone maps. Are you willing to gamble your financial future by forgoing flood insurance coverage? That $5K you get from the government? It comes as a loan, and you will need to pay it back. The average cost of damage to one’s property after a flood is $38,000+. The average amount of assistance homeowners get after a flood when they do not have flood coverage is $5,000. If this doesn’t happen, then there won’t be assistance. The president of the United States must declare the flooding event a state of emergency. However, a few things must align for you to get government assistance. We often hear that people believe that the government will help, which is true. Three-fourths of these properties were considered low to moderate risk. In Harris county, nearly 135,000 homes were damaged. Eighty percent of these individuals had water in their homes or buildings and didn’t have flood insurance coverage. After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas. I ask you to consider the facts: 20 percent of all flooding events across our nation come in areas that are considered low risk.
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