Floods damage more homes in the United States than any other natural disaster (1)
Most typical homeowner policies don’t cover flood damage on their own. For water and flood damage, you’ll need an insurance solution that includes a separate flood policy.
How flood insurance works
You may be surprised to learn that your property insurance doesn’t cover flood damage. That’s because flood insurance policies are generally purchased separately through government programs.
Most flood insurance coverage is offered by the National Flood Insurance Program.
What flood insurance covers (2)
Available to homeowners, condo owners, landlords, business owners and renters, flood insurance may cover:
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Furniture, clothing and other belongings
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Certain cleanup expenses
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Damages to your heating and cooling system
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Repair or replacement of flooring
How much does flood insurance cost?
The cost of flood insurance can vary depending on a number of factors including:
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Most importantly, your flood risk. Areas with a higher risk of flooding will have a higher flood insurance cost.
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The amount of possessions you’re protecting with your new flood insurance coverage.
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The type of property you are protecting; primary residence, nonresidential property or second homes.
Considering all of these factors, the average cost of flood insurance through the National Flood Insurance Program is about $700 per year. (3)
What to do if your home floods?
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Put safety first. In the event of extreme flooding, get out. And seek a safe location immediately.
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File an insurance claim by contacting your insurance company or agent.
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Before you re-enter your home, make sure the building is structurally sound and not in danger of collapse.
[1] https://www.floodsmart.gov[2] Subject to policy limits and exclusions.[3] https://www.fema.gov/media-library-data/1464695949383-abdada4ea913e679e2b7e57484dcb1e4/National-Flood-Insurance-Program-Fact-Sheet-May-2016r.pdf (PDF)
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Tips
People often don't think about the value of a flood insurance policy until it's too late.
Related topics & resources
Home insurance and water damage
Preparing for a flood
Flood insurance for business
