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Who should buy flood insurance?
Anyone at even low to moderate risk of flooding. |
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Each year:
25% of flood insurance claims are from outside high-risk areas
40% of flood insurance claims come from outside the 100-year floodplain.
Standard homeowners insurance or business insurance does not cover flood damage.
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Flood Insurance is required for most property owners in the FEMA regulated floodplain. But anyone can buy flood insurance—for property inside or outside of the floodplain.
Some mortgage lenders even require flood insurance for property that is not actually in a floodplain, but touches one.
You can buy flood insurance to cover damage to the building itself or what's inside. Coverage is available for residential and business property. Renters can buy flood insurance for their furniture, clothing and other possessions.
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How much coverage is available?
Homeowners: can buy coverage up to $250,000 for the building and up to $100,000 for contents
Business owners: can buy coverage up to $500,000 for the building and another $500,000 for contents
Renters: can buy coverage up to $100,000 for contents
Likelihood of flood damage
During a 30-year mortgage, there is a 1% chance that a home will burn. During that same 30-year period, there is a 26% chance that a home in a regulated floodplain or Special Flood Hazard Area will have flood damage.
How do I buy flood insurance?
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