Flood Insurance

Floods can disrupt lives, homes and communities. Whether your home is in a high-risk flood zone or an area that rarely experiences such events, understanding the importance of having flood insurance is essential.

What Is Flood Insurance?

Flood insurance can help protect homeowners and property owners from financial losses due to flooding. Unlike standard homeowners insurance, which typically excludes flood coverage, flood insurance specifically addresses flood-related impacts. Floods can result from heavy rains, storm surges, melting snow or infrastructure failures, causing significant property damage and financial stress. By securing flood insurance, homeowners gain peace of mind, knowing they’ve taken proactive steps to safeguard their property and finances in the aftermath of floods.

What Does Flood Insurance Cover?

Flood insurance typically includes two main components: coverage for building property and coverage for personal property. Building property coverage typically applies to the physical structure of your property, including the foundation, walls, electrical and plumbing systems, as well as appliances and fixtures. It may also encompass built-in items like carpeting, cabinets and bookcases.

Personal property coverage can help financially protect belongings within the insured property, such as furniture, electronics, clothing and valuable items. Keep in mind that high-value items like artwork, jewelry and collectibles may have coverage limits. For comprehensive protection, additional coverage or separate policies may be necessary. Be aware of limitations and exclusions; for instance, flood insurance might not cover damage from moisture, mildew or mold that the property owner could have prevented. Additionally, coverage for belongings in basements may be limited.

How Much Is Flood Insurance?

The following factors may influence flood insurance rates:

• Location and flood zone
• Property type and value
• Coverage amount
• Deductibles
• Elevation and foundation
• Construction materials and features
• Previous claims
• Age of property
• Discounts and mitigation measures
• Insurance provider and policy type