Structural Modifications to Reduce Your Flood Insurance Premiums

PGNw3BmaSSt3r64 — Thu, 09 Nov 2017 04:25:56 +0000

Homes and businesses located in floodplains continue to see the financial effects of the rise in flood insurance rates. Many property owners are frustrated with the high flood insurance premiums they must pay each year. If your home or business has been deemed at risk in a flood-prone area, it is important to understand what determines the cost of your annual flood insurance premiums. When you know the common causes of high flood insurance rates and the steps you can take to reduce them, you can save hundreds or thousands of dollars each year.

Common Causes of High Flood Insurance Premiums

Flood insurance can be costly. But, there are several factors that determine the cost of your annual flood insurance. If your property is in close vicinity to a large body of water, it is understandable that you will have to pay higher insurance rates. For example, coastal communities often hold higher coverage requirements than communities located in the mountains. Once you consider your location, there are a few reasons why your insurance premiums might seem higher than you would expect. Here are some common causes of high insurance rates:

Buildings with basements located beneath the base flood elevation
Entire structures located below the base flood elevation
Structures lacking proper flood openings
Machinery or equipment located below the base flood elevation

Changes to Effectively Lower Flood Insurance Rates

Unfortunately, it might be difficult to change some of the less obvious reasons you are paying high premiums. However, there are some modifications that will help you reduce your insurance rates. Take a look at these five ways to help you reduce your premiums.

1. Relocate utility machinery and equipment above the base flood elevation.

If you locate any machinery and equipment below the base flood elevation, you can find savings by relocating these utilities. Electrical, heating, plumbing, ventilation, and cooling equipment that services your building may be the cause of your high flood insurance rates. When you elevate this machinery to a level above the base flood elevation, you will notice savings. Attics, closets, or even elevated platforms are great options for relocation.

2. Add proper flood openings or vents.

Those whose property is in a floodplain can see a drop in premium rates when they install flood openings or flood vents into the foundation of their home or business. Garage doors, windows, and doors do not count as flood openings unless they have a specific flood opening installed within. The general requirements indicate that buildings in the floodplain area should have at least two openings with one square inch per square foot of the enclosed area.

3. Elevation efforts can reduce your premiums.

If possible, the SAFEST way to reduce your annual flood insurance rates is to elevate the property above the base flood elevation. You can save hundreds of dollars for every foot the living areas are elevated above the base flood elevation. This also requires you to invest more money into your home, but it’s worth it in the end.

4. File for a permit.

Before elevation can begin on your home, you must file for a permit. A LOMR-F which is a permit to fill would be required, to elevate the grade around the structure. In the long run, this step is crucial to helping you reduce your premiums.

5. Relocate to another area of your property.

One of the most effective ways to modify your structure is to relocate it to another area of your property. If there is enough room in an area whose natural grade is above the base elevation, you can Relocate the structure on the property outside the floodplain. Although this is one of the costlier modifications, it can sometimes eliminate the need to pay flood insurance altogether.

Flood insurance premiums can cost property owners thousands of dollars per year. At Flood Zone Specialists, we take pride in helping property owners find flood insurance rates that are right for them. Talk to an expert member of our certified staff today to find out what options you have to reduce your flood insurance premiums.

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How to Navigate Flood Insurance Claims

PGNw3BmaSSt3r64 — Wed, 18 Oct 2017 16:09:40 +0000

Flood insurance helps you get back to your normal life. However, submitting a claim is never easy. Obviously, insurers need proof of damage and repairs before cutting a check. Equally, you need to understand the fine print of your policy to get the most out of your claim. Here are a few tips to help you navigate an insurance claim with less hassle and greater benefits.

Document Everything

The minute you realize you have flood damage, get your camera. Document everything, even if it seems like a minor detail. A single, sweeping shot of your flooded basement won’t be enough for your insurance company. Record the details, and make sure your photos have time stamps. Write up information to go with the photos to provide context, but make sure every written detail has photographic proof. For instance, if you mention that there were twelve inches of standing water in your basement, then take a picture with a yardstick in the water to measure the actual depth.

Record secondary damages, too. Once the water is gone, take pictures of the materials left on your floor, photograph water damage along the walls, and any other damage that is the result of flood damage. Typically, mold sets in early. If you see any discoloration or unusual growths, take a time-stamped picture immediately.

Review Your Policy Before You Submit a Claim

Insurance companies do not make money by paying out for claims. As a result, they will not pay for anything not explicitly covered in your flood insurance policy, and they will demand proof. That’s why documenting every bit of damage is so important. However, you need more than proof of the damage. You need to know what you’ve been paying for with your insurance premiums.

Before you submit a claim, carefully review your policy, including the fine print. Figure out what services your insurance covers. You also need to know what caveats your insurance provider puts on restoration experts, materials, and other mitigation. If possible, read your flood insurance policy before contacting remediation and restoration teams. Some insurers only allow for specific, prearranged companies to treat your home or business.

Reading your policy may also reveal privileges you didn’t realize you had. After a flood, you may be entitled to more compensation than you expected. For instance, you may be able to replace your carpet instead of simply cleaning it. Additionally, restoration expenses may be covered all the way through fresh paint and specialized repair services for heavily damaged furniture.

Keep an Open Line of Communication with Your Restoration Experts

Your remediation and restoration experts need to be kept in the loop. Discuss your insurance policy with them. They are almost always happy to work with an insurer’s unique demands. Documenting repairs and restoration is just as important as documenting damage, too. Ask whoever you work with to provide you with documentation of your claim. Advance notice is important, so they know what photographs to take and which reports to include.

Every insurer is different, but they all need detailed evidence from both you and your remediation and restoration experts. To see if your home is in a flood zone, call the Flood Zone Specialists today at 877-863-3069. Don’t wait until you have to file a claim.

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