Flood Insurance

Is a type of property insurance that covers a dwelling for losses sustained by water damage, specifically due to flooding. Floods may be caused by heavy or prolonged rain, coastal storm surges, and blocked storm drainage systems, just to name a few.

In many places, a flood is considered a vis major event, and the damage or destruction it causes is uncovered if you do not get supplemental insurance.

  • Flood insurance policies are available for all residential and commercial properties.
  • The federal National Flood Insurance Program (NFIP) offers flood insurance to homeowners in participating communities, with policies offered through private insurers.

The pricing of the flood insurance policy is based on the NFIP-designated flood zone in which the property is located, as well as the property’s age, elevation, and number of floors.

  • The average annual cost of flood insurance is $700, but costs vary by location, type, size of the structure, and other factors.

LOW RISK DOES NOT MEAN NO RISK. MANY CUSTOMERS IN LOW-RISK FLOOD AREAS DON’T EVEN THINK ABOUT FLOOD INSURANCE UNTIL AFTER THEIR PROPERTY IS IMPACTED BY A FLOOD. IT CAN BE SHOCKING FOR THEM TO LEARN THAT RECENT STORMS HAVE CAUSED MILLIONS OF DOLLARS IN DAMAGE TO PROPERTIES IN LOW-RISK FLOOD AREAS. HISTORICALLY, PROPERTIES IN LOW-RISK FLOOD AREAS ACCOUNT FOR MORE THAN 20% OF THE FLOOD LOSSES AND A THIRD OF THE FEDERAL DISASTER ASSISTANCE.