Compare FEMA Flood Insurance quotes from multiple companies
Flood usually occurs in areas marked by heavy rainfall and other natural phenomena. Development patterns and drainage systems also play an important role in floods across the country.
Whether you live in an area susceptible to flooding or not, a flood insurance policy is a smart thing to consider, mainly because your homeowners’ insurance does not cover flood damage.
Around 20 thousand communities in the United States are placed into a category of flood zones, and participate in FEMA’s National Flood Insurance Program (NFIP), with premium rates determined by the risks of flooding. To specify the risks in different parts of the country, FEMA assigned a character from the alphabet to each flood zone.
The National Flood Insurance Program tries to reduce the effect of flooding on private and public properties. It provides affordable insurance to property owners and encourages communities to adopt and enforce floodplain management regulations. These endeavors diminish the effects of flooding on new and improved structures.
Do I really need flood Insurance?
Unlike car insurance, flood insurance isn’t required by law simply because you own property. However, if you live in a high-risk area, called a “Special Flood Hazard Area”, it is highly recommended and most probably required by your lender if you have a mortgage on your property.
Even if you reside in a low-risk area, usually denoted as B, C, or X flood zone, exposure to a minimal amount of flooding can have disastrous financial consequences.
Floods are the most common and expensive natural disaster in the US and cause millions of dollars in damage every year. All it takes is a few inches of water to cause major damage to your home and its contents.
Floods can happen anywhere. More than 20% of flood claims come from properties outside high-risk flood zones. Make sure you stay dry.
Can I get an alternative Flood Insurance policy that's not from FEMA?
After Hurricane Katrina and Superstorm Sandy, FEMA’s flood insurance program NFIP is $24 billion in debt, causing significant increases in premiums to its customers.
There is an alternative and it’s dubbed Private Market Flood insurance, which is essentially any flood insurance policy underwritten by a private insurance company. However, that doesn’t necessarily mean private flood insurance is better FEMA’s flood insurance. It’s simply a viable alternative flood insurance option that has its pros and cons.