Do I Need Flood Insurance if I Live in Utah?
Utah may not be commonly associated with floods, but the reality is that flood risks exist in many areas, including Salt Lake City. In fact, floods can occur unexpectedly and cause extensive damage to your home, leaving you with costly repairs and financial burdens.
Utah has experienced its fair share of floods in the past. According to the National Flood Insurance Program (NFIP), from 2010 to 2020, Utah has had 607 flood insurance claims, with a total of $8,499,667 in paid losses. Salt Lake City, being one of the largest cities in Utah, is not immune to this risk. In fact, FEMA has designated several areas in Salt Lake City as Special Flood Hazard Areas. These areas include neighborhoods such as Sugar House, Millcreek, and the Jordan River Parkway.
Climate change is causing weather patterns to shift, resulting in more frequent and severe storms in many regions. This increases the risk of flooding, even in areas that may not have experienced floods in the past. As a result, it's crucial for homeowners to recognize the potential threat of floods and take proactive steps to protect their homes.
Home Insurance vs. Flood Insurance: What's the Difference?
Many homeowners mistakenly believe that their standard homeowners' insurance policy covers flood damage, but this is not the case. Flood insurance is a separate policy that provides coverage specifically for floods. It can help cover the costs of repairing or replacing damaged structures, electrical systems, appliances, and personal belongings. Without flood insurance, you may be left with substantial out-of-pocket expenses, which can be financially devastating.
What's The Cost of Flood Insurance in Salt Lake City?
Flood insurance is available, and affordable, to homeowners in Salt Lake City through the NFIP at a reasonable cost, depending on several factors, including the location of your home and the level of risk. The average flood insurance premium in Utah is approximately $670 per year, according to FEMA. This is a small price to pay compared to the financial burden of flood damage, which the NFIP reports the national average is $40,000 per claim.
Flood Insurance is Essential For Utah Residents
Protect your home and finances by obtaining flood insurance in Salt Lake City, Utah today. Contact Tebbs Brothers Insurance Group to discuss your options and get the coverage you need. Invest in your home and take proactive steps to safeguard your biggest investment.