Flood damage is excluded from coverage in your homeowners insurance policy, so there is no insurance for your home and contents if they are damaged by flood.
Although there is starting to be more of a private insurance market for flood insurance (mainly for high value homes or by non-admitted insurance companies), flood insurance is available through a federal government program called the National Flood Insurance Program, which sells flood insurance through insurance agents & companies as servicing carriers.
Many homeowners insurance companies participate in the program, and sell & service the National Flood Insurance program’s flood insurance.
It is best to buy flood insurance with the same insurance company you choose for your homeowners insurance, if they offer it, for the ease and service your insurance company provides in settling claims. So, shop for the insurance company with the best homeowners insurance for you, then buy Flood insurance from the same agent or insurance company.
Although your flood insurance will have your insurance company’s name on it, your flood insurance coverage is part of the federal government program. The government program sets the rates, so every insurance company participating in the program charges the same rates, so you can’t shop for a better price for flood insurance.
Do you need flood insurance? If any part of your property is in a 100 year flood plain, your mortgage company will require it. But sometimes the mortgage company will drop the ball, and not tell you that you need it. Don’t depend on the bank to determine your insurance needs. This website, floodsmart.gov can help you determine your need for flood insurance, and can help you buy a flood insurance policy.
What if you are not in a flood plain?
Over 20% of property damage from floods each year occurs outside of a flood plain. New construction, or a change in landscaping near your home, can impact how heavy rains drain off, and you may have a flood risk you never expected.
Do you have a finished basement? Flood or water damage to the basement and its furnishings should be a concern for you. Preferred risk flood insurance policies are available through the National Flood Insurance Program and are relatively inexpensive.
Research the reasons you may need or choose to have flood insurance, rather than dismissing it as something which will never happen to you.
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