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Flood Insurance
What is flood insurance?
Flood insurance is an insurance policy that provides coverage for damage caused by floodwaters. It is typically purchased separately from homeowner’s or renter’s insurance policies.
Is flood insurance mandatory?
Flood insurance may be mandatory in certain areas, particularly those designated as high-risk flood zones by the Federal Emergency Management Agency (FEMA). Mortgage lenders may require borrowers in these areas to purchase flood insurance.
What does flood insurance cover?
Flood insurance typically covers damage to a home’s structure and its contents caused by flooding. This includes damage from storm surge, heavy rain, and overflowing bodies of water.
Are there any exclusions to flood insurance coverage?
Flood insurance typically does not cover damage caused by sewer backup, groundwater seepage, or mold/mildew resulting from the flood. It also does not cover living expenses incurred while the home is uninhabitable due to flood damage.
How much does flood insurance cost?
The cost of flood insurance varies depending on the location of the home and its assessed risk for flooding. Policies in high-risk areas can cost several thousand dollars per year, while policies in low- to moderate-risk areas may be less expensive.
