Ohio agency warns of dangers for homeowners without flood insurance

By RICHARD L. BOCCIA

Many homeowners affected by floods in Indiana, Iowa and Wisconsin this spring thought they had adequate flood insurance. They were wrong.

That’s the warning from the Ohio Department of Insurance, which is urging Ohioans to check their insurance to see what flood damage it covers.

Separate coverage may be required, and the average flood policy in Ohio costs $500, according to a spokesperson for the department. Flood damage from 1 to 4 inches of water could cost $7,800, according to the National Flood Insurance Program, which reports it pays out an average claim of $26,000.

Violet Gizdic sells insurance in Mahoning and Trumbull counties for her family agency, Miller Insurance of Niles.

“You can’t predict when you’re going to be in a flood,” she said, adding that in order for flood insurance to kick in, two adjoining properties must be affected.

Gizdic frequently explains to clients the difference between flood insurance and that for sewer and drain backups, which is much cheaper: perhaps $35 to $50 annually, depending on the company. Backup insurance is more popular than flood, in her experience.

“Ninety percent of the time, they don’t take it [flood insurance]. The only ones that do are required by their lender,” Gizdic said, given the economic crunch that she says has area residents pinching pennies.

The danger for flooding may be greater than Valley residents realize. Over 30 years — a standard length for home mortgages — the chance of a home suffering fire damage is 9 percent, but there’s a 26 percent chance of flood damage in that same period, according to the National Flood Insurance Program.

Read the full story Monday in The Vindicator and on Vindy.com.