Flood Insurance

A flood policy protects you from flood, meaning a general and temporary condition of partial or complete overflowing of inland or tidal waters, the unusual and rapid accumulation or runoff of surface waters from any source, and mudflows caused by flooding which are related to a river of liquid and flowing mud on the surface of normally dry land areas.

According to the Federal Emergency Management Agency, floods result in over $1 billion of property damage each year. Yet only one-third of Americans living in heavy flood zones have the insurance to handle it (homeowners insurance doesn’t cover flood).

Is my house at risk?

Ninety percent of all disasters in the United States are flood-related. You are four times more likely to experience a flood than a fire. The Federal Emergency Management Agency estimates that between seven and eight million U.S. households are exposed to the risk of flooding.

Is flood insurance provided by my homeowners’ insurance policy?

Probably not. Most homeowners’ insurance policies do not offer protection against flood damage.

Is flood insurance required by law?

Yes. Congress passed the Flood Disaster Protection Act of 1973, and the National Flood Insurance Reform Act of 1994 mandating that all federally-insured or regulated lenders require flood insurance for mortgages and other loans on buildings and manufactured (mobile) homes located in Special Flood Hazard Areas.

What structures can be protected by flood insurance?

Almost any building with at least two walls and a roof may be insured if it is principally above ground and located in a community participating in the National Flood Insurance Program (NFIP). Coverage is also available for businesses and buildings under construction.

Will flood insurance cover the contents of my building?

The contents of a fully-enclosed, insurable building may be covered by a separate policy, making flood insurance available to renters.

How much does flood insurance cost?

The average premium for an NFIP flood insurance policy is $300 per year for approximately $85,000 worth of coverage. For those not in a Special Flood Hazard Area, but still exposed to flood risk, there is a low cost policy available for as little as $106 per year. Nearly one-third of all flood claims come from these lower risk areas.

Where is flood insurance available?

Flood insurance is available for buildings in communities that have agreed to adopt and enforce sound flood plain management practices. Currently, these are over 18,000 communities participating in the NFIP throughout the United States and overseas territories.

When can I purchase flood insurance?

You can buy flood insurance at any time. There is normally a 30-day waiting period between the time flood insurance is purchased and the time the coverage is effective.

What if I've had a flood loss before?

If you've already received a grant for a flood loss, you must have flood protection. If not, you'll be denied most kinds of government assistance if a flood should happen again.

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