Do I Need Flood Insurance in Georgia?

In the US, Georgia is among the states that experiences the most flooding. The state has frequent thunderstorms, tornadoes, and tropical storms, which results in heavy rain during the year. In some cases, these severe climate conditions turn into flash floods, causing havoc in various parts of Georgia.

If you live in the state, you must know that your typical homeowners insurance doesn’t cover flood damage. That means you’ll need to purchase flood insurance as an additional coverage.

In this article we will discuss why you need flood insurance in Georgia, how much it typically costs, and when you should purchase it.

Why Homeowners in Georgia Need Flood Insurance

As mentioned earlier, storms are relatively common in Georgia. The severe weather conditions can result in heavy flooding. In 2009 a severe rain shower caused flooding in various areas and left more than $500 million in damage. The disaster caused damage in 23 counties and wrecked more than 20,000 businesses, buildings, and homes.

Surprisingly, many flood-prone regions in the state aren’t located along the coast, they’re actually in the northern parts of the state. These areas include Gwinnett County, Fulton County, Dekalb County, and Cobb County according to FEMA.

Homeowners in these areas should consider buying flood insurance since homeowners insurance doesn’t cover flood damage. If you fail to do this, keep in mind you’ll be responsible to cover the costs and repairs from the flood damage. It’s important to know that the cost of flood damage without any insurance may cost thousands of dollars.

Even if you don’t live in a high risk area for flooding, it’s always wise to purchase flood insurance coverage regardless.

What’s the Cost of Flood Insurance in Georgia?

In Georgia, flood insurance can be pricey. However, it’s often cheaper than the standard homeowners insurance. The average flood insurance policy in Georgia is around $661 per year according to the Flood Insurance Program.

Typically, the policies are based on several different factors such as:

  • Your home’s location
  • Property value
  • Home elevation
  • Home’s design, age, and structure
  • Deductibles and coverage type

Every homeowner, as a result, will pay a different rate for their flood insurance.

When You Should Purchase Flood Insurance

Many homeowners often make the mistake of buying flood insurance just before a heavy storm hits. However, most flood insurance policies come with a 30-day waiting period.

If a homeowner purchases insurance and a rainstorm causes flood related damages before the waiting period ends, they won’t have coverage. That’s to say, it’s always better to be proactive when it comes to purchasing flood insurance.

The best time to make this investment is when moving into a new house. The sooner you purchase the flood insurance policy for your home in Georgia, the sooner you’ll be protected. You can buy flood insurance in Georgia anytime since it doesn’t have any time frame restrictions.

Summing Up

In a nutshell, flood insurance is an important investment when you live in Georgia. This article elaborates why you need flood insurance and when, as well as the consequences of not getting it.