(WKYT) – This week is Kentucky Flood Safety Awareness Week, a period focused on helping residents prepare for flooding before it occurs. For Kentucky homeowners, that preparation may carry a financial cost.
Bankrate finds Kentucky has the seventh highest homeowners insurance premiums in the country.
Flooding events driving up flood insurance costs
Kentucky has experienced significant flooding in recent years, including the July 2022 floods and floods in February and April of last year.
Renee Jackson, owner of Renee Jackson Insurance Agency, said multiple factors are contributing to rising costs.
“The torrential rains, the intensity and the frequency of the weather changing and then with the change of cost of supplies and rebuilding and demand on that end — you know, it’s really increased flood insurance,” Jackson said.
Flood insurance is separate from homeowners insurance
Jackson said many homeowners are unaware that flood damage is not covered under a standard homeowners policy.
“There’s no way for your homeowners policy to cover flood. So flood is its own separate policy and if you don’t have a flood insurance policy, you don’t have insurance for that peril,” Jackson said.
Jackson noted that hail and wind damage falls under a homeowners policy, while flooding requires a separate flood insurance policy.
How to approach flood coverage
Jackson said homeowners should treat their flood policy as a last resort and consider higher deductibles to manage premium costs.
“Look at your insurance policy as a catastrophic policy. Let’s look at it if I really need it. Higher deductibles. A lot of times we will show people the difference in the premiums starting with your deductible at 2,500 and, you know, go through there if you need to,” Jackson said.
For homeowners unsure whether flood insurance is worth the cost, Jackson recommended getting a quote before making a decision.
“If you are in a lower flood zone, you know it’s just a personal call. If you want to pay that premium, and you think someday we may get flooded based on what’s going on weather wise and climate changing, you know it’s your decision to make but get a quote,” Jackson said.