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FLOOD INSURANCE TYPES

Understanding Your Options

When considering Flood Insurance, you have the options of the National Flood Insurance Program (NFIP) and Private Flood Insurance.

NFIP Flood
Insurance

The National Flood Insurance Program (NFIP) is managed by FEMA and is available to property owners, renters, and businesses as well as anyone living in one of the 23,000 participating NFIP communities.

Private Flood
Insurance

Private insurance companies are the risk takers, meaning they have the ability to write their own policies & offer broader coverage. While regulated, the private flood insurance market is not subject to the same terms and conditions as the NFIP.

Do I Need
Flood Insurance? 

Short Answer: Yes, you do.

Flood Insurance helps pay for the damage to the structure and contents of your home or business. Costs that are otherwise coming out of your pocket because most homeowners insurance policies don't cover flooding. 

Since 1996, flooding has affected 99% of U.S. counties, bringing significant damage and financial costs to homeowners and businesses. 

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Common Flood Insurance Myths

My city doesn't have a history of flooding

Flooding can happen anywhere. Summer storms, neighborhood construction, broken water mains, and improper drainage systems can all result in flooding. 

There is a 1-in-4 chance of flooding during a 30-year mortgage in high-risk areas 

My homeowner's insurance
will cover
the damage 

Most homeowners insurance policies do not cover flood damage. Only flood insurance covers the cost of rebuilding after a flood. 

Just 1 inch of water can cause $25,000 of damage to your home. 

I live in an apartment or house that I'm renting

Your landlord likely has flood insurance for damage to the building but not its contents. 

Contents-only flood insurance covers the items inside your unit in the event of a flood. 

I don't live in a high-risk flood area

Even if flood insurance isn't required, flooding can still happen anywhere. 

From 2014-2018 over 40% of all NFIP flood insurance claims and 1/3 of federal disaster assistance claims were filed outside of high-risk flood areas. 

I can get Federal Disaster Assistance

Disaster assistance is only available for federally declared disasters, and most flood events do not result in a declaration.  Disaster assistance loans must typically be repaid with interest. Flood insurance does not have to be paid back. 

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