|
How much does flood
insurance cost?
The average premium for a standard
flood policy is $500 per year. But remember, you could qualify for
a Preferred Risk Policy and pay as little as $119 per year. (refer
back to "What flood zone am I
in?" for average costs per zone)
Still, it's hard to see the value of
a policy until you actually compare it to the price of flood damage.
See for yourself:
|
|
Next
Previous
Complete
List
of Q&As
|
| |
|
| Flood
Damage Repair Estimate |
|
| Remove debris |
$ 1,500
|
| Replace
carpet |
15,500
|
| Replace
drywall/paint/wallpaper |
6,500
|
| Repair
cabinets |
4,500
|
Flood Damage Estimate Total: $28,000
Annual Flood
Insurance Premium Estimate: $500
|
A disaster loan of $28,000, which is
repayable with interest, would cost more than $1550 a year over
18 years - in addition to your existing mortgage payments.
Plus, if you receive disaster assistance, you must purchase
and maintain flood insurance to received further assistance.
|
