Flooding is the most common and costly natural disaster in the United States, yet many homeowners are unprepared for its financial impact. Whether you live near the coast, by a river, or even in a low-risk area, flood insurance can be a crucial safeguard for your home and peace of mind.
What Is Flood Insurance?
Flood insurance is a type of property insurance that covers losses specifically caused by flooding. This includes damage from heavy rain, storm surges, blocked storm drainage systems, and other water-related events that inundate normally dry land.
Standard homeowners insurance policies typically do not cover flood damage. That’s why a separate flood insurance policy is essential if you want full protection.
Why You Might Need It
Here are a few reasons why flood insurance is worth considering:
- Floods can happen anywhere: According to FEMA, more than 20% of flood claims come from properties outside high-risk flood zones.
- Cost of repairs can be devastating: Just one inch of water in your home can cause over $25,000 in damage.
- Peace of mind: Knowing you’re covered can reduce stress during storm seasons or unexpected weather events.
What Does It Cover?
Flood insurance typically covers:
- Structural damage: Including your home’s foundation, electrical and plumbing systems, HVAC, and appliances.
- Personal belongings: Furniture, clothing, electronics, and other valuables (depending on the policy). These coverages are usually paid at an actual cash value settlement when the policy is purchased through the NFIP; when purchased privately, replacement cost coverage can be added to the policy.
- Cleanup costs: Including debris removal and mold remediation.
However, it usually does not cover temporary housing, cars, or damage from moisture, mildew, or mold that could have been prevented when purchased through the NFIP. When coverage is purchased privately, coverage can be added for temporary living expenses and for additional structures like a swimming pool.
Where to Get Flood Insurance
In the U.S., most flood insurance is provided through the National Flood Insurance Program (NFIP), managed by FEMA. You can purchase NFIP policies through many private insurance agents. Some private insurers also offer their own flood insurance policies, which may provide broader coverage or higher limits.
How Much Does It Cost?
The cost of flood insurance depends on several factors:
- Your home’s location and flood risk zone
- The age and structure of your home
- The amount and type of coverage you choose
- Your deductible
Premiums can range from a few hundred to several thousand dollars per year. However, the cost of not having it—especially after a flood—can be far greater.
Final Thoughts
Flood insurance isn’t just for those living on the coast or in floodplains. With changing weather patterns and increasing storm intensity, it’s a smart investment for many homeowners. Take the time to assess your risk, understand your coverage options, and protect your home from the unexpected.
Emerald Insurance Advocates believes so strongly in flood insurance coverage, we built in a coverage option below where you can assess your risk, price, and buy coverage through our agency all in one. Try it out and reach out to us with any questions!
