A flood insurance policy is different from the basic hazard insurance coverage in a homeowners insurance policy.
It is a type of catastrophe insurance. All residential and commercial properties are covered by flood insurance policies.
Water damage to the interior caused by things like storms or bursting pipes is covered by standard homeowners insurance.
Be that as it may, it for the most part doesn’t cover annihilation or harm brought about by floodwaters. Those who own homes in flood-prone areas typically require specialized insurance.
Flood insurance functions similarly to other types of insurance. An annual premium is paid by the insuredthe owner of the propertybased on the deductible they select and the flood risk of the property.
The portion of the claim that must be paid out of your own pocket is called your deductible.
A strategy with a higher deductible will probably have a lower month to month premium, and the inverse is likewise evident.
