Flood insurance is a vital protection for homeowners in a coastal state like Florida. Even inland residents can benefit from flood insurance due to the constant threat of hurricanes. Your homeowner’s insurance does not cover flooding, which is why you should consider Flood Insurance protection for your home and its contents.
Flood insurance protects two types of insurable property: building and contents. The first covers the actual building, and the second covers your personal possessions. However, the land is not covered.
If you are considering buying a home in a high-risk flood area, flood insurance is required by law if your mortgage is with a federally regulated or insured lender.
Flood insurance is still a good idea even if you live in a low- or moderate-risk area since nearly 25% of all flood insurance claims come from areas with low-to-moderate flood risk.
The National Flood Insurance Program (NFIP) offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding.