KNOXVILLE, Tenn. — After a day of flash floods and intense storms in East Tennessee, having flood insurance is top of mind for many homeowners.
After the February floods in 2017 and 2019, more areas are considered "flood prone" in Knoxville.
Experts say if you aren't in a flood plane, it's an expensive price tag for coverage in Knox County.
The entrance of Northshore Hills in West Knox County was as dry as a bone Friday, after Thursday storms gave bleak reminders to those who live in that subdivision.
"As I was hearing the water and rain come down last night, I fully expected the water to be up here in the grass," Bill Freeman, a neighbor affected by past flooding, said as he pointed to the edge of his backyard fence.
In 2017, Freeman's backyard essentially "merged" with the lake, after intense rainfall caused floodwater to cover every inch of ground, including his pool.
"Water is a fun thing. It's a great thing, but it's also a powerful thing and it can destroy a lot of stuff quickly," Freeman said.
Now, Freeman has flood insurance. He says it's more a preventative measure. He doesn't like paying the price tag, but would rather have it and not need it than need it and not have it.
His type of coverage, which is handed down by FEMA, did not cover the $10,000 damage to his pool, though. Freeman said it's important to always double check what your premium and policy cover.
His flood insurance rate has already went up for him once, and it's about to happen again.
According to new data from the First Street Foundation, FEMA is re-working its insurance and risk assessment process for the first time in 50 years.
While the exact details of the "2.0" FEMA insurance plans won't be released until October, Owner of Knoxville Insurance Group Greg Scealf said it wouldn't surprise him if premiums increased.
Scealf said people in Knoxville never really inquired about flood insurance until 2017 when the flooding took hold of streets and neighborhoods all of a sudden.
"You know, you didn't think about it, because it's never flooded," Scealf said. "But guess what? It did, and it did, again, two years later."
The number of homes that are flood prone is going up and the cost of building supplies skyrocketed during the pandemic.
Both of those things combined means more money in damages. Scealf said higher premiums will help fill in the gaps in damages cost and coverage expenses.
"I'd say over the next five years it will go up 10 percent," Scealf explained. "Premiums are going to go up when you're homeowners anyway, just because of the appreciation of the home. "
Areas in West Knox County, Tellico Village, Farragut and Kingston top the list of places premiums may balloon.
If you're in the market for flood insurance, consult with an agent and make sure you know what all your coverage entails before you buy.
It's important to know FEMA flood insurance won't kick in for 30 days if your home is not in a flood zone.
