Flood insurance is a type of property insurance that covers losses caused by flooding-related water damage to a home.
Heavy or prolonged rain, melting snow, coastal storm surges, clogged storm drainage systems, and levee dam failure are all potential causes of floods.
A flood is a major event in many places, and if you don’t have additional insurance, you won’t be covered for the damage and destruction it causes.
Important Takeaways Flood insurance is a type of property insurance that compensates a home for flood-related losses.
Flood insurance contracts are accessible for all private and business properties.
Through private insurers, homeowners in participating communities can purchase flood insurance through the federal National Flood Insurance Program (NFIP).
The age, elevation, and number of floors of the property, in addition to the NFIP-designated flood zone in which it is situated, determine the cost of a flood insurance policy.
