Flood Insurance

Although flood insurance is provided by the Federal Flood Insurance Program you should be able to purchase flood insurance directly from your homeowner’s insurance provider.

If you are renting a property you will still be able to take out flood insurance in addition to your standard renters insurance and again, you should be able to purchase flood insurance through your renter’s insurance provider.

Flood insurance isn’t an insurance that you have to have but if you live in an area where there is any risk of flooding then it is advisable to take out flood insurance.

With flood insurance there is usually a 30 day waiting period so don’t wait until there is an immediate risk of flooding before taking out flood insurance.

Standard flood insurance only provides limited coverage so if you are in a high risk area then you can take out additional flood insurance through specialized insurance providers or, in some instances, through your homeowner’s insurance provider.

For homeowners, flood insurance can be taken out to cover both the building and the contents of your home and for renters, just for your personal possessions.

Although flood insurance will cover the replacement cost in regard to the physical building it will only cover the  cash value of personal possessions so the older your possessions are the lesser the pay out.