Ohio is facing an increased risk of flooding as we move deeper into the spring season. This means properties in the state's central areas like Columbus, Ohio.
The whole country is moving out of the winter season which means a lot of melting snow for most areas in the United States. This is where your sump pump can be very helpful in reducing damage to your home...
But what if this gets flooded and needs to be replaced?
In this article, we want to talk about how using flood insurance to replace a sump pump could cost you way more than a sump pump alone, how flood impacts a property, and how this impacts future premiums as well.
What Sump Pumps Are
First, we want to cover what sump pumps are for us to be able to get everyone up to speed on the things we'll cover in this article.
A sump is a low space that collects any type of water that comes from the soil. It's like when you're making coffee where the sump itself is the jar or mug and the soil around it acts like the coffee filter that allows the water to go through.
This water generally is the excess water that goes into the ground during the heavy rain — sometimes it could be due to snowmelt — so instead of it oversaturating your basement causing flooding, the sump collects all of this.
Now, what happens when there's too much water in that hole? That's where the sump pump comes in. The sump pump is a device that's connected to a lot of pipes that send all that collected water into the main water drainage in your area.
So what if there was a flood and your sump pump got damaged?
Why You Should NOT File a Flood Claim
The basic response to flood damage or flood loss is to file a flood insurance claim from your flood policy, right? It's the only thing you can do to really manage the costs of whatever repairs you'd need.
However, it's a very different story when it comes to sump pumps.
— But Chris, filing a flood claim will get me coverage for the repairs and reinstallation of a new sump pump which can protect me long-term!
That is true, but only to an extent that your property is only protected from damage, but your wallet, not so much. Think of it this way, the current costs of installing a new sump pump range from $1,000 to $2,500. This includes the device itself and the labor that goes into it.
Generally, when it comes to flood insurance, deductibles start at $1,000. So when you file a flood claim, already, you might not be breaking even with what you're getting from your flood insurance.
Once you file that flood claim for a small repair or loss and you're doing a private flood insurance policy, the insurance company might non-renew your policy over this claim. That's already bad as it is and the same goes for federal flood insurance.
Risk Rating 2.0 & Flood Claims
The National Flood Insurance Program (NFIP) has moved into what's called Risk Rating 2.0. Flood claims directly impact your premium rates here. This means that homeowners will be assessed on the overall flood risk that their property presents and, yes, this includes looking into your flood claims history.
You see, the claims variable is now a big thing with Risk Rating 2.0 since this is like a scoring system that depends on how many flood insurance claims you've made. Since these claims don't really expire and stay for the life of the property, filing a flood claim to get your sump pump fixed can hurt you more long-term.
The Risk Rating 2.0 mostly caused an increase in premium rates across all states. Even if you're just paying for a $500 premium, after you file that sump pump flood claim, you will see an increase twice, if not thrice that amount.
It may sound great to have your flood insurance cover the costs to repair your sump pump, but as a homeowner, you should look at the financial impacts this may cause you. Filing a claim for a sump pump alone can also hurt your chances of selling the home due to expensive flood insurance costs.
This is why we only recommend filing a claimif the flood damage to your property is more than $10,000. In the end, you may be able to save a few hundred bucks with this flood claim, but each year, you will be paying more for your flood insurance premium.
If you got questions on how to save flood insurance costs, when to file a flood claim, or anything related to floods and insurance, click below to go to our Flood Learning Center:
You can also click below to call us:
Remember, we have an educational background in flood mitigation which lets us help you understand your flood risks, flood insurance, real estate selling and buying, and mitigating your property's value long-term.
Sports teams are representatives of each of our cities. Be it your hometown on the east coast or the city that welcomed you, one way or the other you will find yourself supporting these teams behind the TV screen or at the stadium.
Arizona had been having some trouble finding its footing and creating a consistent game plan. Coaches seem to have some challenges in finding consistency, so this made me wonder...
What if Arizona sports teams were as consistent as the floods they get?
From the Court to the Field
Arizona's sports teams are becoming more unpredictable as of late. To give you an idea, its NBA's team Phoenix Suns, led by Head Coach Monty Williams, was able to secure the No. 1 seed for the Western Conference. We're talking about a 60-14 overall score in the Playoffs.
Fun fact though and this gives a little peek at where we are getting at here. The Suns rejected one of the best players in the NBA in today's generation: Kawhi Leonard because he was too sweaty. What happened was that when Leonard was 19 years old, he was too nervous that he started sweating through his clothes during an interview with the Suns' management team.
You'll see where we're getting at here...
If you look into the NCAA or college basketball, there's a different story with the Arizona Wildcats. Despite being the number 1, they were completely overwhelmed by Texas' own Houston Cougars by keeping their lead throughout the whole game.
The Wildcats lost to the Cougars in a 72 -60 game. This is literally the number 1 seed that got beat by a team that wasn't even in the top three seed.
Photo: sports.yahoo.com (Maddie Meyer/Getty Images)
On the topic of football and the NFL, Arizona also is showing great things as they are reportedly improving on their offensive strategies.
After suffering their 11th loss in the 2021 season and averaging only 17.2 points per game — which is to say that they rank 124th out of 130 teams — the Wildcats football team seems to have plans on bouncing back hard.
However, we also need to really consider if the basketball teams might choke, the football team of Arizona is not out of that realm yet. This is especially after the Arizona Cardinal's recent collapse in overall performance with the Cardinals Team.
So, what if these Arizona sports teams' players and coaches take a page from the state's flooding when it comes to consistency?
Arizona Floods Consistency
Now, you might be wondering why we're saying that the sports teams of Arizona should take a page from flooding — that's like two separate things.
Well, you see, when it comes to flooding Arizona has been consistent on what they are getting. For example, in August of 2021, residents of Gila Bend, a town in Maricopa County just in the southwest of Phoenix, experienced one of the worst flash flood events in recent history. This happened after a recorded 1.46 inches of rain were dumped in 24 hours.
If we go further back, in 2005 there were two major flood events that impacted the state. The first one happened towards the latter part of February due to rain and snow raising the Gila River at Duncan. This eventually broke the town's dike which caused a flood event that victimized residents.
The second major flood event happened in August as well. This was more due to heavy rainfall of up to 3 inches over about a 2-hour period. This eventually led to channel breakouts just north of the Highway 86 bridge near Three Points.
At the time of writing, Arizona senators have secured $12.8 million to prepare for post-fire floods from the United States Department of Agriculture (USDA). This is due to the fact that the state has already experienced around 90 wildfires already.
This is a good move on Arizona's part as we've seen in 2004 how 1 -2 inches of rain caused massive flooding and caused a lot of runoff in burn areas in Safford Valley.
So just like the sports team, you too should have a game plan to avoid any unwanted losses for your property. Especially as we move into the summer season where post-fire flooding and flash floods can be more common.
Flood Insurance for Phoenix
The only time you can be sure of your that you will find consistency in your preparation and handling of certain flood events in Arizona and Phoenix will be through flood insurance. It's called insurance for a reason.
Through a flood policy, you won't need to doubt whether or not you'll be covered when all that water hits you. If you're having doubts about the Wildcats or are anxious that the Cardinals might collapse again in their Bowl Game, you can be sure to not experience that with flood insurance.
Flood insurance provides coverage for any damages to your home and everything inside it for any type of flooding. This means that you get building, contents coverages, and more depending on where you're getting your flood insurance.
Just like these sports teams, flood insurance will also consider a lot of variables when it comes to rates. Since we're moving into the renewal phase of Risk Rating 2.0 in about 5 days (April 1st), you want to consider your flood insurance options.
See what's different between these options by watching the video below:
Flood insurance coverage is what people who are looking to buy flood insurance should focus on. You don't want only to get less than 50% of what your property should be worth.
In this video, we talk about commercial flood insurance and how the National Flood Insurance Program (NFIP) Risk Rating 2.0 compares to Private Flood Insurance.
This video discussed flood insurance for conventional loans, its restrictions and different options you can have.
In this video, we talk about how you could switch from one private flood insurance carrier to another.
In this video we discuss how to tell the difference between a National flood insurance program policy and a private flood insurance policy
In this video we take a deeper look at pricing tiers when it comes to flood insurance.