No. 6: Choose replacement cost coverage. It costs more, but no one wants to replace their 8-year-old couch with an 8-year-old couch. It provides great peace of mind to know that if you do lose belongings in a flood event, at least you will be able to buy like-quality new products to replace them. (Shutterstock) Partially explaining the gap in flood insurance coverage and U.S. exposure, the survey found that consumers widely believe that flood insurance is expensive, despite the average policy cost in 2019 being roughly $700. (Photo: Shutterstock)

In contrast to the measured flood risk in the U.S., residents significantly underestimate their personal exposure to flooding, a new consumer survey finds.

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