How to Protect Your Property with Flood Insurance

Do I need flood insurance?”

Some lenders require homeowners to obtain a flood insurance policy. However, some do not. It generally depends on the risk of flooding around the home. For high-risk areas around the coast or near a river, it’s almost a given.

National Flood Insurance Program (NFIP)

40% of flood insurance claims come from outside of designated high-risk flood areas. Heavy prolonged periods of rain, slow-melting snow, hurricanes, and rising water levels can cause flooding.

What is a Flood?

A flood is “an overflow of water onto land that is normally dry.” A flood in  one area can look different from another by covering just a few inches  of land in water versus several feet.  There are five primary types of floods: – River Flood – Coastal Flood – Storm Surge – Inland Flood – Flash Flood

What Is Flood Insurance?

Flood insurance is a standalone insurance policy that covers damage caused by flooding. It covers building replacement costs and personal property losses. It is available to all homeowners regardless of location.

Where Can I Get Flood Insurance?

You have two options to purchase flood insurance. You can google, call, or check out: – Private insurance companies – National Flood Insurance Program (NFIP)

Private Insurance Companies

Private insurance may cover your home above the $250,000 replacement ceiling by NFIP. Private insurance may also cover living and incidental expenses that have been incurred because of flooding.

How Much Does Flood Insurance Cost?

The cost of flood insurance depends on the property’s location, age, elevation, number of floors, and price to rebuild. Although the average cost is around $700, your fee may be higher or lower. So it really depends on your home and individual factors.

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