The Flood Insurance Cost Calculator shows that even a small amount of flooding can cause big damages to homes. | Pixabay
The formation of Tropical Storm Arthur can be taken as a warning to homeowners that the official start of hurricane season 2020 could bring flooding that causes damages to homes.
The Flood Insurance Cost Calculator can tell a homeowner just how much damage even one inch of water could create, which could end up costing tens of thousands of dollars to repair.
Just one inch of flooding in a 1,000 square-foot, one-story home costs an estimated $10,819. For the same small amount of flooding, a home with 2,500 square feet of space would suffer $26,807 in damages. Double the size and the number of stories and watch the cost of damages climb to more than $56,000.
The Federal Emergency Management Association (FEMA) and the National Flood Insurance Program sponsored creation of the flood insurance calculator, which allows homeowners to input the size of your home and how much flooding it could sustain, calculating an estimate of damages.
Homeowner’s insurance policies don't include flood insurance, which generally require separate policies. The average annual premium is less than $500, WINK reported. That doesn’t seem like a big expense compared to the damages a home could suffer.
“Flooding can be an emotionally and financially devastating event,” FEMA said. "With flood insurance, you're able to recover faster and more fully."
FEMA data shows 88% of Florida homeowners lacked flood insurance when Hurricane Irma hit the state in 2017, WINK reported.
Homeowners who need to renew their policies have until June 15 with FEMA's extension of the normal 30-day grace period. With hurricane season lasting until November, those without policies still have time to set up a policy.
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