Sioux Falls insurance agents are surprised that there aren't more people signing up for flood insurance coverage. They say part of the reason is the mistaken notion that if you live in a flood-prone neighborhood you don't qualify for insurance.
Your house can sit next-door to the Big Sioux River and you'd still be eligible for flood insurance. Abby Hanson of Williams Insurance said, "It doesn't matter where you live in Sioux Falls, you can get a flood policy."
But the closer you live to the river, the more you'll pay for coverage. Flood insurance includes damage to the foundation and anything else that stabilizes your home. "Furnaces, washer and dryer, freezers, food in your freezers, circuit breakers, the cleanup will be taken care of."
Household items you can move from the basement to higher ground are not covered. "If you can move your TV, bedroom furniture, I suggest you get someone to start helping you move it up to the first floor because that's where you're content coverage will be effective."
If you want to buy flood insurance now, you won't be protected from storms that happen this month. That's because it takes thirty days for a policy to take effect. "Standard policies are thirty days unless they have a mortgage that requires the flood policy then they can get immediate coverage."
Hanson recommends buying enough coverage to pay for 50%-75% of the replacement cost of your home. That's less than $300 a year on a $150,000 house Hanson says that's a small price to pay for peace of mind should floodwaters invade your basement.
