FEMA Flood Insurance

Standard homeowner's insurance does not cover flood damage. If you want your homeowner's coverage to pay for flood damage, you have to get a special endorsement and pay extra for it.

Let's assume you don't have that extra coverage. So, what happens if your area experiences a tornado, hurricane, tsunami, torrential rain or dam failure? You can get flood insurance coverage through the National Flood Insurance Program. It was originally created in 1968 by Congress and then updated in March 2014 by President Obama when he signed the Homeowner Flood Insurance Affordability Act of 2014 into law.

There are a number of different kinds of flood insurance policies and you can get a Preferred Risk Policy.

You can purchase your policy directly from the federal government or through an insurance agency. The policy coverage and the premiums will be the same either way.

Do you understand your flood risk?

When you get flood insurance coverage, it will cover the building and its contents. You will want to discuss the contents of your home with your agent to be sure that everything is covered. You might have a special painting or piece of jewelry that might need to be considered separately.

There are flood policies for home owners and renters.

Depending upon where you live, you may be categorized as being in a moderate or low-risk area or you may be in a high-risk area. The FEMA flood maps are the guides used in determining this. The FEMA Flood Map Service Center was updated on July 24, 2014 with new information about the new maps. FEMA Portal

There is a Fact Sheet which provides a summary of the changes to the new maps should you wish to review them. For a lot of people, the new maps have caused a lot of heartache. More homes have been categorized into flood zones, more homes have been included in high risk areas and premiums have gone up by two, three and four times what they originally were.

Do you want to learn more about the costs of flooding?

It can be very costly to NOT have flood insurance.

You can get flood insurance quotes by calling a local insurance agent. Having flood insurance coverage – and the right amount – is vital. Flood insurance rates may vary. I am not an expert on that.

If you think you live in an area that never has flooded before, you think you are safe, but understand that many people have believed the same thing and have found themselves with flood damaged cars, flooded basements or homes that have been devastated by flash floods. It can happen so quickly. All it takes is a few hours of crazy hard rain or several days of consistent rain and your ground is saturated. The water has nowhere to go except the fastest path of least resistance.