USAA Flood Insurance: 10 Numbers That Will Convince You

100-Year Flood Event

A 100-year flood event has a 1% chance of occurring in any given year. However, this does not mean that it will only occur once every 100 years. In fact, there is a 26% chance that a 100-year flood event will occur at least once in a 30-year mortgage.

$45 Billion

The average cost of flood damage in the United States is $45 billion per year. This includes both residential and commercial properties.

$28,000

The average cost of a flood insurance claim is $28,000. This can be a significant financial burden for homeowners who are not prepared.

10%

Only 10% of homeowners have flood insurance. This means that the vast majority of homeowners are at risk of financial ruin in the event of a flood.

$12 Billion

The National Flood Insurance Program (NFIP) has paid out over $12 billion in flood insurance claims since its inception in 1968. This shows that flood insurance is a valuable investment for homeowners who live in areas at risk of flooding.

Why Flood Insurance Matters

Flood insurance is important for homeowners who live in areas at risk of flooding. It can provide financial protection in the event of a flood, and it can help homeowners to rebuild their lives after a disaster.

Benefits of Flood Insurance

There are many benefits to having flood insurance. Some of the most important benefits include:

• Financial protection: Flood insurance can provide financial protection in the event of a flood. It can help homeowners to pay for repairs to their home and belongings, and it can also help them to cover the costs of living expenses while their home is being repaired.
• Peace of mind: Flood insurance can provide peace of mind to homeowners who live in areas at risk of flooding. Knowing that they are financially protected in the event of a flood can give homeowners peace of mind and allow them to sleep soundly at night.
• Increased home value: Flood insurance can increase the value of a home. Homes that are located in areas at risk of flooding are often more difficult to sell, and they may sell for less money than homes that are not located in flood zones. However, homes that have flood insurance are more attractive to buyers, and they may sell for more money than homes that do not have flood insurance.

Pros and Cons of Flood Insurance

There are both pros and cons to having flood insurance. Some of the pros include:

• Financial protection: Flood insurance can provide financial protection in the event of a flood.
• Peace of mind: Flood insurance can provide peace of mind to homeowners who live in areas at risk of flooding.
• Increased home value: Flood insurance can increase the value of a home.

Some of the cons include:

• Cost: Flood insurance can be expensive, especially for homes that are located in high-risk flood zones.
• Deductible: Flood insurance policies often have a deductible, which is the amount of money that the homeowner has to pay out of pocket before the insurance company will start to pay.
• Limited coverage: Flood insurance policies may not cover all types of flood damage. For example, some policies may not cover damage caused by sewer backups or groundwater flooding.

Conclusion

Flood insurance is an important investment for homeowners who live in areas at risk of flooding. It can provide financial protection in the event of a flood, and it can help homeowners to rebuild their lives after a disaster. However, it is important to weigh the pros and cons of flood insurance before making a decision about whether or not to purchase a policy.

Additional Information

• The Federal Emergency Management Agency (FEMA) provides a lot of helpful information about flood insurance on its website: https://www.fema.gov/flood-insurance.
• The National Flood Insurance Program (NFIP) provides flood insurance to homeowners and businesses in the United States. You can learn more about the NFIP at: https://www.floodsmart.gov/.
• The Insurance Information Institute provides a lot of helpful information about flood insurance on its website: https://www.iii.org/flood-insurance/.

Tables

Table 1: Cost of Flood Damage in the United States

Table 2: Number of Flood Insurance Claims

Table 3: Average Cost of Flood Insurance Claim

Table 4: Percentage of Homeowners with Flood Insurance