Flood Coverage Insurance
Home Insurance

Do You Need Flood Coverage Insurance?

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How To Find The Best Flood Insurance For Your Home?

Florida, California, Georgia: Some of the most beautiful places in the US are also the most flood-prone, making living in these areas both an attractive—and potentially expensive—prospect. 

Especially if you don’t have flood insurance. 

In the US, floods are the most common natural disaster, making up 90% of all-natural disasters. Since the majority of home insurance policies don’t include flood damage, chances are, unless you’re one of the small percentages of the population who has homeowners flood insurance, you’re unprotected. 

Of course, depending on where you live, you may not need protection–though floods can (and do) happen anywhere. 

So, do you need flood insurance?

Keep reading. We’re going to dive into the ins and outs of home flood insurance so you can decide if it’s right for you. 

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What Is Flood Insurance?

Flood insurance protects you against having to pay out-of-pocket for water damage due to hurricanes, river overflow and heavy rain. The majority of homeowners flood insurance plans for residential properties are sold through the National Flood Insurance Program (NFIP), which is managed by the Federal Emergency Management Agency (FEMA). 

The main benefit of NFIP flood insurance is that once you have it, it cannot be cancelled. 

However, not everyone can get this government run home flood insurance. It’s only available to NFIP participating communities. You can find out if your area is in one of these communities here. 

Even if you’re not in an NFIP community, however, you can still obtain homeowners flood insurance through private insurers—and we can help. Just request a free quote from us and we’ll pair you with the perfect flood insurance provider for you. 

What Does NFIP Flood Insurance Cover?

NFIP flood insurance typically covers two types of areas: building property and personal property. 

So, you can further subdivide the coverage into further coverages. 

Building Property

  • The foundation of the building and the building itself
  • Appliances like fridges and stoves that are built-in
  • Electrical and plumbing systems
  • Fuel in fuel tanks and the tanks themselves
  • Built-in bookcases and cabinets
  • Permanent panelling and wallboards
  • Window blinds
  • Furnaces
  • Water heaters
  • Heat pumps and sump pumps
  • Detached garages

Personal Property

  • Curtains
  • Clothing
  • Furniture
  • Washer and dryer
  • Electronics
  • Carpeting
  • Art work
  • Window or portable air conditioners

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What Isn’t Covered Under Home Flood Insurance?

Like most forms of insurance, there are a few things home flood insurance does not cover. This said, the list below is items not covered by NFIP but these items may be covered under private insurance. 

  • Jewellery
  • Valuable papers
  • Damage from mold and mildew as well as moisture
  • Damage caused by earth movement (even if that movement was caused by the flood)
  • Living expenses caused by not being able to live in your home due to flood damage
  • Decks, pools, fences, walkwalls, trees, and seawalls
  • Self-propelled vehicles (though comprehensive insurance covers flood damage to vehicles)

What Does Private Flood Insurance Cover?

If you don’t qualify for NFIP flood insurance, then private health insurance is a great option. No, it’s not backed by the federal government, but in many cases, these private companies can offer more comprehensive coverage and even more affordable rates than NFIP flood insurance. 

Here’s an overview of what’s covered by private flood insurance:

  • Excess flood insurance. This insurance actually supplements NFIP insurance, so if your NFIP policy won’t cover something or everything, then you take it to this insurer. 
  • Personal flood insurance. You don’t need NFIP flood insurance to reap the rewards of this policy. You can often customize these plans to suit your singular needs. 

The Cost of Flood Insurance

The cost of flood insurance depends on the usual variables like your credit score, where you live, the value of your home and belongings as well as whether you get it through NFIP or private flood insurance. 

NFIP flood policy coverage will cost around $700 per year. The average cost of private flood insurance is $400 per year. 

If you live in flood-prone areas, either price is fair considering how much you could have to pay out-of-pocket if your home sustains extensive water damage. 

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So, Do I Need Flood Insurance?

You could—especially if you live in a place that offers NFIP since that’s a pretty obvious sign that your area is prone to flooding. For a relatively small premium, you can protect yourself from having to pay hundreds of thousands of dollars due to water damage. 

Get an online flood insurance quote here. We’ll match you with your perfect provider and the best price. 

FAQs
That depends on whether you get your flood insurance from NFIP or a private provider. In general, however, flood insurance will cover your home and many of the personal items within your home.
That depends on what sort of coverage you want and where you live. If you live in a NFIP community, then get a price from them as well as private insurance. Comparing quotes is never a bad idea! Get a flood insurance quote from us now.
NFIP flood insurance costs around $700 per year and basic private flood insurance costs around $400.
If you live in a flood prone zone, you should definitely at least consider it. We can help you get started. Ask for a flood insurance quote now.

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