What Are My Flood Insurance Options?

Floods threaten thousands of U.S. homeowners every year. These natural disasters may cause devastating property damage and costly financial losses. However, while you’re likely aware of the threat floods pose, you may not fully understand how to financially protect yourself and your home. Flood insurance can seem complicated, but comprehensive knowledge about your coverage options is necessary to ensure you have an ideal policy.

Where Can I Get Flood Coverage?

You may be able to procure appropriate coverage for flood-related losses in multiple ways. Consider the following options:

• National Flood Insurance Program (NFIP)—The NFIP is operated by the Federal Emergency Management Agency (FEMA) and has historically been the primary way for property owners to secure coverage.
• Private flood insurance—These policies may often include higher coverage limits. Additionally, NFIP policies may not be available in every community, meaning private insurance could be some homeowners’ only option.

What Can My Policy Cover?

Flood insurance may offer specialized coverage for your home and property, filling a common coverage gap due to these natural disasters typically being excluded from most standard homeowners insurance policies. Specifically, flood insurance may offer aid for the following:

• Structural damage, such as that involving your home’s foundations, roof, walls, attached fixtures and plumbing and electrical systems
• Possession-related losses, including furniture, electronics and clothing that have been lost or damaged during a flood
• Cleanup costs, such as if receding floodwaters leave behind debris or contaminated materials that must be removed by a professional

Why Do I Need Coverage?

Since standard homeowners and renters insurance policies typically exclude floods as covered perils, lacking additional coverage could leave you facing significant out-of-pocket losses and expenses following such an incident. Additionally, you may be subject to formal requirements regarding flood insurance, such as if you have a federally supported mortgage.

We’re Here to Help

Contact United Home & Auto Insurance, LLC in Lake Worth, FL, today to learn more about flood insurance.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.