Flood Coverage
Flood damage can be devastating under the worst conditions. But even minor floods can cause huge amounts of damage, not to mention inconvenience. Generally, basic home insurance does not cover flood damage. You can purchase flood coverage in three forms: dwelling (for most homes); general property (for businesses and apartments); and residential condominium building association policy (for condo owners).
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Be aware of the particular risk where you live. Only 25% of residents in the United States’ most vulnerable areas (places in which flooding is 26 times more common than fire during a typical 30-year mortgage) currently carry flood insurance. In known flood hazard areas, your mortgage lender may require you to purchase flood insurance. If you live in an at-risk area, you’ll need a flood insurance policy backed by the federal government. About 200 insurance companies service these policies. Check with the company that handles your existing home insurance policy to see if they can also sell you separate flood coverage.
The best argument for purchasing flood damage is its relatively low cost in relation to how valuable it can be in your time of need. In 2000, the average cost of flood insurance was less than $400 per year.
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