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Flood Insurance 101

A single home with flooded front yard and driveway

Your home is likely one of your most prized—and expensive—possessions, which is why it’s so important to keep it safe. Protecting your home with home insurance is a must, but not all home insurance policies include flood insurance. In fact, most don’t.

Whether you live in a flood zone or not, educate yourself about flood insurance before making the decision to add or exclude it from your homeowner’s insurance.

What is flood insurance?

Along with hurricane insurance, flood insurance is typically an “add-on” to your regular homeowner’s insurance policy. This specific policy will protect your home and belongings against losses incurred due to flooding.

How do I know if I need flood insurance?

Depending on where you live and how prone your property is to flooding, your lender may require you to add flood insurance to your homeowner’s insurance policy when your loan is originated. But even if it’s not required you may want to consider getting it anyway; FEMA reports that 20 percent of all claims are for homes in low- or moderate-risk regions.

What will flood insurance cover?

Your flood insurance policy will only cover damage caused specifically by a flood. It does not cover water damage caused by events such as a busted pipe or sewage backup. It also won’t cover motor vehicles, outdoor property such as decking or pools, landscaping, detached structures, stock certificates, or valuables beyond a certain amount.

Check to see if your coverage includes underground spaces such as your basement or crawl space—not all policies do. And, any mold or mildew that could have been avoided will not be covered, so make sure you follow the insurance loss claim process correctly when you clean up.

How much does flood insurance cost?

The cost of your policy will depend on your home’s location and other variables such as the age of your home, your coverage, and your provider.

The average annual price for a National Flood Insurance Policy (NFIP) is approximately $700 per year.

How do I get flood insurance?

Call your insurance company or insurance agent. The same person who sells your home or auto insurance should be able to provide you with flood insurance as well. If you need help finding a provider go to FloodSmart.gov/flood-insurance-provider or call the NFIP at 877-336-2627.