Homeowners Insurance Is Flooding Covered

As you probably know, homeowners insurance will protect your home against damage and losses due to a wide number of events. But did you know that flooding is not covered by a basic homeowner’s insurance policy? Many people are unaware of this, which ends up causing them big problems later on in life. Flood insurance is a policy that is backed by the government, and is offered by private insurance companies. While you may not need this type of coverage, you should at least consider it.

When should a homeowner buy flood insurance? Good question! It all depends on the location of your property. If your property is in a hurricane prone area or susceptible to flooding, you may not be able to purchase this type of coverage. But if your property is located in an area that is a recognized flood zone, with no protection such as a dam, you should look into buying the proper coverage. In fact, if you live in what is known as a “Special Flood Hazard Area,” you are required by law to purchase a floor insurance policy.

The cost of flood insurance can differ greatly based on the value of the covered property as well as its location. Generally speaking, this type of coverage will cost the property owner at least several hundred dollars per year.

If you need to buy homeowners flood insurance, start your search for information with the National Flood Insurance Program sponsored by FEMA.