Since standard home insurance doesn't cover flooding, it's important to have protection from floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact the U.S.

In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves. The 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. Find out more about the NFIP and how it can help you protect yourself.

We also offer private flood insurance. If you (and your lender, if your mortgage requires flood coverage due to your flood zone) approve of private flood insurance, it can be a less costly option to close this coverage gap.

Flood Insurance Coverage*

Flood insurance protects two types of insurable property: building and contents. The first covers your building, the latter covers your possessions; neither covers the land they occupy.

Building coverage includes

• The insured building and its foundation
• The electrical and plumbing system
• Central air conditioning equipment, furnaces, and water heaters
• Refrigerators, cooking stoves, and built-in appliances such as dishwashers
• Permanently installed carpeting over unfinished flooring

Contents coverage includes

• Clothing, furniture, and electronic equipment
• Curtains
• Portable and window air conditioners
• Portable microwaves and dishwashers
• Carpeting that is not already included in property coverage
• Clothing washers and dryers

The two most common reimbursement methods for flood claims are: Replacement Cost Value (RCV) and Actual Cash Value (ACV). RCV is the cost to replace damaged property. It is reimbursable to owners of single-family, primary residences insured to within 80% of the building's replacement cost.

All other buildings and personal property (i.e. contents) are valued at ACV, which is the RCV at the time of loss, minus physical depreciation. Personal property is always valued using ACV.

*Please note all coverage described here refers typically to NFIP policies, and while private flood does cover building and contents, coverage may differ -- for example, private flood can also cover 'loss of use,' reimbursing you for expenses if you have to temporarily relocate.

Content provided by FloodSmart.gov

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