Delaware Flood Insurance Facts: Questions, Answers and Tips to Protect Your Home

In Delaware, floods happen. It is a fact of life that we all have to accept. But just because it happens, doesn’t mean you don’t need flood insurance in Delaware or anywhere else for that matter! Floods can cause millions of dollars worth of damage and ruin your home. You may not be able to recover from the damages without flood insurance in Delaware for homeowners or renters. This article will provide answers to many questions about flood insurance in Delaware so you know what coverage you do or do not have with your current homeowner’s policy and how much more coverage costs if needed.

Flood Facts For Delaware

If you live in Delaware, this information is for you. Floods are the No. 1 natural disaster that occurs here and from 2008-2012 on average there were nearly $42,000 of flood insurance claims made each year. You can lower your risk by purchasing a policy with National Flood Insurance Program which starts at just about $650 per year!

Floods are an unfortunate reality for many people in Delaware. In 2012 alone, more than 1,200 residents filed a claim with the National Flood Insurance Program and received payouts totaling over $31 million. Delawares flood insurance claims come from all high-risk areas of flooding including those not mapped on the NFIP map that receive federal disaster assistance payments as well!

Does my Delaware homeowner insurance cover flooding?

When it comes to flood insurance, there are two options: stand-alone or homeowners’ policy. Most Delaware homeowners policies do not cover flooding as a possible cause of damage and will only be covered through an endorsement added by the homeowner. So before you find yourself knee deep in water with no protection from your home’s destruction, make sure you know which coverage option is best for your situation!

Do I need flood insurance in Delaware?

The state of Delaware has seen a lot of flooding lately and it’s likely to happen more. Flood insurance is important for everyone in the Cowboy State, so go get yourself some today!

Every homeowner should think about Flood insurance in Delaware before buying a home, or during the closing process. Many of us only think about it when we hear that there is flooding forecasted near our homes because floods can happen anytime and anywhere!

The importance of purchasing flood insurance cannot be stressed enough. Floods are a low-risk area, but they have the highest risk for flooding and there is nothing more shocking than coming home to find everything you own has been destroyed by water that just won’t go away.

Our nation is always at risk for natural disasters, such as flooding. However some areas are considered to be low-risk and these regions are the ones that should not fall victim to this unfortunate event. For example: during Hurricane Harvey we saw a lot of unexpected floods in those “low-risk” zones where 80% lacked insurance coverage when they faced damage from water accumulation or had their home flooded completely with no flood protection available whatsoever!

In Harris county, nearly 135,000 homes were damaged.  Three-fourths of these properties were considered low to moderate risk.

It is true that the government will help you if it can afford to, but there are a few things they need before they can do anything. The average cost of damage after an event like this is $38K+. If you get any aid from them, it’s only for five thousand dollars and comes on loan–and we all know how much those loans end up costing in interest over time! You might not even be eligible for assistance at all depending on your income level or whether have flood insurance coverage.

The maps you may have used to determine your risk of flooding are outdated. These old, low-risk flood zone map rely on data from over 40 years ago when many parts were still undeveloped and more likely able to absorb water that would otherwise cause a major calamity in recent history.

As an owner of property, it is your responsibility to know the risks and consequences that come with owning a home. The Federal Emergency Management Agency (FEMA) admits that their maps only give you part of the picture for risk assessment because they don’t account for all factors like rainfall distribution within Delaware. Recent storms have shown us just how quickly water levels can rise from nothing into something significant in a matter of hours! A recent study showed families who suffered flood damage had $1 million less income per year than those without flooding due to costly repairs such as replacing damaged appliances or furniture destroyed during floods.

What About My Personal Property?

Now that you understand how your home can be protected with a flood insurance policy, find out what will happen to the items inside if it does get flooded. You’ll need different coverage for these two types of things: personal property and your actual house itself.

Personal Property Insurance covers all those precious memories in which are stored within – from photos and paintings, to trinkets received as gifts or souvenirs from an exotic vacation destination… they’re not just possessions; they’re priceless assets that define our lives! And because floods don’t discriminate between good stuff and junk, this type of protection is absolutely necessary.

If your 10-year-old stove is damaged by flood waters, your Delaware insurance company will reimburse you the cost to purchase a 10 year old stove. Flood insurance can be complicated and it’s highly recommended that you speak with a professional agent who can help guide you through the process so that everything meets all of your needs!

What Does Delaware Flood Insurance Cover?

The federal government and most Delaware insurance companies offer several types of flood protection policies to help you protect your home from water damage. These include General Property Policies, Residential Condominium Building Association Policy, Standard Flood Insurance Policies – Dwelling, the Federal Government Homeowner’s Grant Program for Disaster Relief Assistance (FEMA), and more!

When talking about Delaware insurance, and it’s important to cover yourself. When you get a standard dwelling coverage plan for your home, you have two options: Building property up to $250K or Personal Property Coverage up to 100K. The NFIP recommends that homeowners purchase both of these types so they are covered from the top down ($500k). It is also worth noting that often mortgage companies require flood protection if there is potential for flooding in their area–even if this doesn’t apply directly with where you live now!

Delaware flood zone map

The FEMA flood zone maps often take years to go into effect and are rarely ever up-to-date.

Delaware flood insurance rate map

The average cost for Delaware flood insurance in these Low-risk areas is $595 per year. FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these maps to assess risk, set premiums, and determine who is required to purchase flood insurance. If a property owner’s area of residence isn’t accurately mapped as low risk when it actually has the potential for flooding during rainfall or storm surges then they can be left entirely uninsured because many homeowners don’t require coverage if their location hasn’t been identified by mapmakers yet as being at high enough risks for requiring coverage.

What Will My Flood Insurance Quote Look Like?

When it comes to flood insurance, people in Delaware have a lot of options. Policies can range from $130 for one year up to ten years at the cost of about 3% per month on top with an annual renewal fee that varies by area and coverage plans. It’s important not only to speak with professionals but also get quotes so you’re armed with all your choices before making any decisions!

How Can I Find Flood Insurance?

The last thing you want to worry about when getting your family out of the house is whether or not flood insurance will cover any damages. Use an agent who has 10+ years experience with Delaware and NFIP, they may be able to find a number of quotes from different providers for coverage.

Flood Insurance is a must have for Delaware residents. If you live in one of the high risk areas, it might be time to talk with your insurance agent about purchasing flood insurance or even increasing your coverage on an existing policy. It’s important that you understand what policies cover and how they work before making any decisions regarding this matter so contact our team today to learn more!

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