With the U.S. experiencing the highest rates of flooding and flood-related damages in over a decade ($10.9 Billion in 2016 alone), it's easy to see why many flood insurance coverage is one of the most common property insurance policies.
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Flood insurance is a type of property insurance policy that's typically bundled with homeowners insurance to cover any losses incurred as a result of flooding to your home (note that homeowners insurance does NOT cover flooding).
More specifically, after a flooding event, your flood insurance would provide you with financial compensation for one of the two following expenses, whichever is lowest:
A flood insurance policy also reimburses you for the work that you and other family members did to sandbag your homes, move furniture and remove debris.
The average cost of a flood insurance policy continues to hover around $700 per year.
However, this can vary greatly depending on your property's level of flooding risk. We've seen the range in flooding risk generate a price range between $120 per year for low risk homes to over $2,000 per year for very high risk homes.
The fastest way to tell if you need flood insurance is to refer to the Federal Emergency Management Agency’s (FEMA) maps. FEMA maps are important when it comes to flood insurance because if they show that your home sits in a 100-year flood plain, you must buy federal flood insurance in order to get a mortgage.
If you live outside a high-risk zone, or if you no longer have a mortgage, flood insurance is optional. However, keep in mind that just because flood insurance may not be required, it may still be an extremely valuable policy to have if your home is even slightly at risk.
You can visit the FEMA Flood Map Service Center to see if your specific address is within the flood plain and view any changes that may have been made to the flood plain boundaries recently.