Flood Insurance

What’s My Flood Risk?

Did you know floods are the #1 natural disaster in the United States? You don’t need to live near water to be flooded – everyone lives in a flood zone. In fact, nearly 25 percent of flood losses occur in low to moderate risk areas.

Would your home or business be protected in the event of a flood?

It doesn’t matter whether your flood risk is high, medium, or low, you’re eligible for Flood Insurance as long as your community participates in the National Flood Insurance Program. Given that most Homeowners, Condominium, Mobile Home, Renters, or Business Insurance Policies exclude flood coverage, a Flood Insurance Policy can help protect the most valuable asset you own: your home or your business.

What is a Flood?

Flood insurance covers direct physical loss caused by “flood.” In simple terms, a flood is an excess of water on land that is normally dry. Here’s the official definition used by the National Flood Insurance Program:

A flood is “A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:

  • Overflow of inland or tidal waters
  • Unusual and rapid accumulation or runoff of surface waters from any source
  • Mudflow*
  • Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
*Mudflow is defined as “A river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water…”

Why Can’t I Rely on Federal Disaster Assistance?

Federal disaster assistance is only available if the President declares a disaster. Less than 50 percent of all flooding incidents are awarded a Federal Disaster Assistance declaration. If the President declares a Federal Disaster Area, most disaster assistance is provided in the form of a loan that must be repaid – principal plus interest.

What’s the Advantage of Flood Insurance Protection?

Flood insurance pays even if a disaster isn’t declared.

  • Flood Insurance reimburses homeowners for all covered losses up to $250,000 for the building and $100,000 for contents.
  • For businesses, Flood Insurance will pay up to $500,000 for the building and $500,000 for the contents.
  • For renters, Flood Insurance will pay up to $100,000 for personal belongings.

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