Consider the following reasons for buying flood insurance:
- Traditional property insurance policies exclude coverage for flood-related damage.
- 25% of all flood insurance claims happen in areas that are not considered high risk according to the National Flood Insurance Program.
- Flood insurance is available for homes, condominiums, apartments, and commercial buildings.
- Coverage is available for dwellings up to $250,000. Personal property can be insured separately for a maximum of $100,000.
- There is a 30-day waiting period before coverage begins.
- For the building, flood insurance covers damage to the structure and foundation, furnace, water heater, central air conditioning unit, and electrical and plumbing systems. It also covers flood debris clean-up, damage to flooring, wallboard, and more.
- For personal property, flood insurance covers damage to belongings, curtains, appliances, and more.
The price of flood insurance is based on factors like flood risk zone, building construction, number of floors, type of foundation, and more. Contact a local property insurance agent for specific coverage and cost details.