Flood Insurance in Elk River MN and Surrounding Areas

Flood Insurance for Property Across Minnesota 

It happened: your basement was hit with a flood, and now you’re wading through muddy water to retrieve your possessions and repair what damage you can. Unfortunately, your homeowners or renters insurance policy is unlikely to compensate for your losses.

Flood damage is commonly excluded on property insurance policies such as homeowners and renters. Purchasing an additional flood insurance policy can help you recover after a disaster.

What Makes Flood Insurance Important?

Flooding is becoming increasingly common across the U.S. and across cities that wouldn’t normally suffer heavy damage. Not only are floods frequent, but they can be devastating. Floods cause millions of dollars’ worth of damage each year and can cause $25,000 or more in damage to a standard home. Without flood insurance, you could look to pay for repairs and replacements all out of pocket.

Who Needs Flood Insurance?

Whether you live in a high-risk flood zone or low-risk flood zone, flood insurance is vital in protecting your home and belongings, as well as giving your family peace of mind. Consider your city’s flood risk and speak with an insurance agent about how much flood insurance your home needs. It’s important to also take into account the replacement value of your home and the belongings you want to insure to guarantee you have the right amount of coverage.

What are the Different Types of Flood Insurance Policies?

There are two main types of flood insurance policies: actual cash value or replacement cost value. These types refer to how you will receive compensation after filing a flood insurance claim. An actual cash value policy provides compensation based on cash value and accounts for depreciation, so the amount you can receive in compensation goes down as the cash value of your belongings goes down. A replacement cost value policy provides compensation without accounting for depreciation. Keep in mind, however, that some property and items are always calculated based on the actual cash value.

Is Flood Insurance Expensive?

Many homeowners hesitate to add flood insurance to their policy due to potential costs. Thankfully, flood insurance is relatively inexpensive. Flood insurance prices are calculated based primarily on your location, coverage limits, value of the insured home or belongings and claims history. The average cost of flood insurance in the U.S. is around $58 a month.

Protect Your Home Today

Don’t wait for a flood to get covered. Connect with an agent at Elk Agency today to find a flood insurance policy that suits you needs and your budget. We’re dedicated to keeping you covered. Call us at 763-241-0656 or contact us to get started now.