What is Flood Insurance?

Flood insurance is a specialized coverage designed to protect against property loss resulting from flooding. To assess the risk factors associated with specific properties, insurers often consult topographical maps identifying lowlands, floodplains, and floodways vulnerable to flooding.

Additional Information About Flood Insurance:

Nationwide, only 20% of American homes at risk for floods are currently covered by flood insurance. The majority of private insurers avoid providing coverage for flood perils due to adverse selection, where insurance is purchased primarily by individuals most affected by the specific peril of flooding.

Flood, as defined by the National Flood Insurance Program, encompasses a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or two or more properties (including at least one owned property). This can result from the overflow of inland waters, rapid accumulation or runoff of surface waters, and mudflows, triggered by events such as landslides, hurricanes, earthquakes, or other natural disasters influencing flooding.

It’s essential to note that while a homeowner may have coverage for earthquakes, it might not extend to floods resulting from seismic events.

For further details on securing the right amount of flood coverage for your home, feel free to contact us.