The purpose of flood insurance is to protect property owners and renters against losses from floods—losses that a typical homeowner’s policy does not cover. Whether you have a condo or a house, whether you’re a builder or a renter, here’s information to help you know who is eligible for this insurance, where to obtain it, and how the program works.

Flood insurance is available only in communities that participate in the National Flood Insurance Program (NFIP), a program of the Federal Emergency Management Agency (FEMA).

Homeowners, builders, and communities want to preserve and protect their property. What measures exist to help them?

Why Have Flood Insurance?

You may not think you live near enough to water to be at risk, but dams and levees do break, drainage systems can become overloaded and back up, and hurricanes can veer off path.

Protecting your home and belongings with flood insurance is far less costly than cleaning up after the fact. Nor can you depend upon Presidential Disaster Declaration aid. Even if such a declaration is made for your area, it can be a long time before the money arrives.

How to Obtain A Flood Insurance Policy

If your local insurance agent does not sell flood insurance, call the NFIP at 1-888-379-9531 or visit www.floodsmart.gov.

How Much Flood Insurance Coverage Is Available?

The NFIP Flood Insurance Manual provides coverage limits under the Residential Condominium Building Association Policy. Under its regular program, property owners can buy up to $250,000 per single-family dwelling or other residential building and up to $500,000 for a non-residential building. Coverage is available up to $100,000 for residential building contents and up to $500,000 for non-residential contents.

When To Buy Flood Insurance?

There is typically a 30-day waiting period for flood insurance to go into effect. Remember that hurricane season is flood season, so obtain your insurance well ahead of time.

Tips to Remember

1 – Everyone lives in a flood zone.

2 – Most homeowners’ policies don’t cover flood damage.

3 – No matter what your flood risk is, you can buy flood insurance if your community participates in the NFIP.

4 – Don’t wait for federal disaster assistance to help you.

5 – Keep your home compliant with federal regulations.

6 – There’s usually a 30-day waiting period before your policy takes effect.

7 – Buy a separate policy to protect your contents.

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