Flood Insurance

Flood insurance is needed to repair your home when flood damage occurs. This is not covered by typical homeowner’s insurance, so the policy must be purchased separately. Insurance companies do not consider water damage the same as flood damage. Flood damage is what is caused by a natural disaster, not just water in your home. It must be an official natural disaster that affects other properties in the area.

Flood coverage is available for homes and business properties. If your home is financed by government-sponsored lenders and located in a flood zone, then you must have this coverage.

The purpose of flood insurance is to reduce the financial impact of the aftermath. The National Flood Insurance Program (NFIP) was created in 1968. The NFIP is regulated by the Federal Emergency Management Agency (FEMA), and helps property owners, businesses, and leaseholders obtain government-backed flood insurance. This helps make recovery following a natural disaster easier for all involved.

You can get flood insurance if you own or live in a moderate or low-risk flood area. You are also eligible if you live in a high-risk flood area. There may also be other instance where you are eligible, so speak with an insurance agent for more information.

Types of Coverage

Replacement cost coverage repays you for costs you incur following a flood. Contents coverage
is for items inside your home. They are your personal items that are damaged or destroyed following the flood. And building coverage is for the physical structure of a non-residential or residential property.