NASHVILLE, TN — As Tennesseans often pay a lot to renovate and rebuild their properties after the storms and floods from March 25 until April 3, now this is the perfect time for everyone to consider the importance of taking flood insurance.
The important thing to remember is that homeowners insurance does not cover flood damage from a natural disaster. On the other hand, a National Flood Insurance Program policy can generally protect homeowners, renters, and businesses from the cost of floods. Investing in flood insurance most of the time is less expensive than paying to repair the damage caused by a flood.
Alternatively, the U.S. Small Business Administration (SBA) provides low-interest loans of disaster, which is the primary form of federal help following a national disaster or emergency declaration. As of mid-June, 75 homeowners in the federally declared counties of Davidson, Williamson and Wilson, have taken out disaster loans from the SBA, averaging $36,000 each.
“Experience teaches, but only if we pay attention,” said Myra M. Shird, FEMA’s Federal Coordinating Officer for Tennessee. “Almost no one likes investing in insurance until they need it; then, people are very relieved they have coverage.”
The average annual cost of a flood insurance policy in Tennessee is $860 per year or about $70 a month. Policy rates vary based on what flood zone the house is in, the age of the house, the amount of coverage needed, and other factors.
Even if your house is not in a high-risk area, it can still be flooded. Keep in mind that about one-fourth of all NFIP claims come from areas not designated as high risk.
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