Flood insurance is a type of insurance policy that provides coverage for property and belongings damaged or destroyed by flooding. Standard homeowners and renters insurance policies typically do not cover flood damage, so flood insurance is essential for property owners in areas prone to flooding.
What is Flood Insurance?
More About Flood Insurance
Nationwide, only 20% of American homes at risk for floods are actually covered by flood insurance. Most private insurers do not insure against the peril of flood due to the prevalence of adverse selection, which is the purchase of insurance by persons most affected by the specific peril of flood.
Flooding is defined by the National Flood Insurance Program as a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or two or more properties (at least one of which is your property) from: Overflow of inland waters, unusual and rapid accumulation or runoff of surface waters from any source, and mudflows
This can be brought on by landslides, a hurricane, earthquakes, or other natural disasters that influence flooding, but while a homeowner may, for example, have earthquake coverage, that coverage may not cover floods as a result of earthquakes.
Contact us to learn more about the right amount of flood coverage for your home.
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Covering your home, business, and family against flood damage has never been simpler or more affordable.
