A Concise Introduction to Exploring Flood Insurance in Ohio

Contrary to expectation, less than 1% of homeowners have flood insurance in Ohio. Most do not consider getting this coverage under the impression that their standard homeowners policy covers flood damage. But without flood insurance, you may not be able to secure a mortgage for a property in a high-risk flood zone in the state.

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Flood Insurance Explained

Flood insurance is a policy that covers the replacement or repair of your property and household belongings if damaged by external flooding. Your standard homeowners insurance doesn’t provide this protection. If your house or its contents are damaged in flooding caused by severe weather in your area, a flood coverage add-on will enable you to rebuild and recover most of the losses.

What Type of Damage Does Flood Insurance in Ohio Cover?

Knowing what’s included or excluded in your flood insurance is always best to avoid coverage gaps. Most policies include the following components:

  • Primary dwelling: This insurance component can pay to replace or repair the physical structure of your home after flood damage. Coverage usually includes built-in hardware like heating, ventilation, and air conditioning system (HVAC) and even permanent appliances, such as refrigerators.
  • Detached structures/installations: Exterior garages and solar panels are included in flood insurance coverage.
  • Personal property: This component covers the contents of your home, including furniture, jewelry, electronic gadgets, or fine art.

What’s Not Covered Under Flood Insurance in Ohio?

Flood coverage for certain items may not be automatic. For example, these policies usually don’t cover currency and any personal belongings damaged inside the basement. Similarly, you may need to purchase a homeowners insurance endorsement to cover sewage backup damage.

Why Buy Flood Insurance in Ohio?

Flood insurance is required in Ohio to obtain a government-backed home loan for any property in a high-risk flood zone (as marked by FEMA with A, AE, X, or V). Most mortgage lenders will require coverage even if you don’t live in a high-risk FEMA zone. Remember that flood damage to a single home costs $38,000 on average, and 20% of it occurs in low-risk areas. Having flood insurance can provide peace of mind even if your location isn’t prone to flooding.

What is the Cost of Flood Insurance in Ohio?

On average, it costs about $1,170 a year to insure a home against flood damage in the state. Homeowners in low-risk zones may qualify for lower premium rates (roughly $595 annually). For these rates, they get standard coverage of $250,000 for the physical property and $100,000 for personal belongings.

Tips to Lower Your Flood and Homeowners Insurance Premiums

Ways to save money on flood insurance include:

  • Implement FEMA’s risk reduction recommendations
  • Choose a higher deductible
  • Provide an elevation certificate
  • Shop around for discounts and get/compare multiple quotes
  • Reduce coverage to only dwelling or personal belongings
  • Combine homeowners insurance with auto insurance

Get Expert Guidance and Protection with Leland Smith Insurance Services

Get expert advice on flood insurance in Ohio with our knowledgeable team who can also provide valuable insights and assist you in choosing the perfect solution to protect your property from flood damage. With our industry expertise, you can trust us to guide you toward an ideal insurance option. Contact us today at Leland Smith Insurance Services for personalized assistance and peace of mind you can also call us directly at (419) 238-7880.

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