It covers the cleanup, debris removal, and repairs necessary after a flood. In general, flood insurance protects your home from damage done by rising waters, inundation (what happens when water covers normally dry land) and mudflows (when floodwater mixes with mud). So, though you may not be required to have flood insurance, it’s still recommended as floods can happen anywhere.Ĭheck FEMA’s interactive Flood Map to find out whether you live in a high-, moderate- or low-risk flood zone. And, according to the Federal Emergency Management Agency, more than 20 percent of flood claims come from properties outside high-risk flood zones. However, your mortgage lender may still require you to have it. If you don’t live in a special flood hazard area that has a 1 in 4 chance of flooding within a 30-year period, you’re not federally required to have flood insurance. If your community doesn’t participate in the program, you can’t buy a policy through the NFIP, but you may be able to buy a policy through a private insurance company.Ĭheck the NFIP Community Book to see if your town or city participates in the program.ĭO I NEED FLOOD INSURANCE IF I DON’T LIVE NEAR WATER? The program provides federally backed flood insurance to certain communities participating in the program. Thus, the National Flood Insurance Program was born. Longer answer: In the 1960s, after a series of floods along the Mississippi River, flooding was viewed as an uninsurable risk, and many private homeowners insurance companies pulled out of offering coverage for flood damage. Homeowners insurance does not cover flood damage. Are your home and belongings protected with flood insurance?īrush up on your knowledge of flood insurance with the answers to these frequently asked questions.ĭO I NEED FLOOD INSURANCE IF I HAVE HOMEOWNERS OR RENTERS INSURANCE? Though some areas are more susceptible than others, heavy rains and flash floods should be a concern for many of us.
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