FLOOD INSURANCE TYPES
Understanding Your Options
When considering Flood Insurance, you have the options of the National Flood Insurance Program (NFIP) and Private Flood Insurance.
Do I Need
Flood Insurance?
Short Answer: Yes, you do.
Flood Insurance helps pay for the damage to the structure and contents of your home or business. Costs that are otherwise coming out of your pocket because most homeowners insurance policies don't cover flooding.
Since 1996, flooding has affected 99% of U.S. counties, bringing significant damage and financial costs to homeowners and businesses.
Common Flood Insurance Myths
My city doesn't have a history of flooding
Flooding can happen anywhere. Summer storms, neighborhood construction, broken water mains, and improper drainage systems can all result in flooding.
There is a 1-in-4 chance of flooding during a 30-year mortgage in high-risk areas
My homeowner's insurance
will cover the damage
Most homeowners insurance policies do not cover flood damage. Only flood insurance covers the cost of rebuilding after a flood.
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Just 1 inch of water can cause $25,000 of damage to your home.
I live in an apartment or house that I'm renting
Your landlord likely has flood insurance for damage to the building but not its contents.
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Contents-only flood insurance covers the items inside your unit in the event of a flood.
I don't live in a high-risk flood area
Even if flood insurance isn't required, flooding can still happen anywhere.
From 2014-2018 over 40% of all NFIP flood insurance claims and 1/3 of federal disaster assistance claims were filed outside of high-risk flood areas.
I can get Federal Disaster Assistance
Disaster assistance is only available for federally declared disasters, and most flood events do not result in a declaration. Disaster assistance loans must typically be repaid with interest. Flood insurance does not have to be paid back.