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Buy flood insurance through SelectQuote and protect your home.
Most home insurance policies don’t cover flooding as part of the standard coverage. When you purchase flood insurance, you’ll enjoy additional protection for your property.
Flood Insurance
Flood insurance is a special type of home insurance policy that covers the cost of repairs and other expenses for a home or other property after a flood. Flood insurance is not mandatory for most homeowners, although some mortgage lenders may require this type of coverage for homes purchased or built in high-risk flood zones. This type of insurance is important because standard homeowners or renters insurance policies typically do not cover flood damage.What is flood insurance?
Flood insurance protects homes and property from severe water damage. This water damage can occur after heavy rains, as a result of melting snow during the spring, or during severe coastal storms like hurricanes and other tropical systems, which can bring torrential downpours and also storm surges. While standard homeowners or renters insurance policies typically do not cover flood-related losses, flood insurance serves as a crucial financial safeguard for homeowners, renters, and business owners in flood-prone areas. Most insurance companies offer flood insurance in conjunction with the National Flood Insurance Program (NFIP). This program, managed by FEMA, partners with more than 50 insurance companies, including the NFIP Direct. Anyone can buy flood insurance regardless of risk, but some mortgage lenders require it as a condition for home loan approval. Flood insurance, when purchased, does not immediately take effect. Buyers are usually subject to a 30-day waiting period, although some situations may provide exceptions.How much does flood insurance cost?
Flood insurance costs vary based on several factors, most prominently FEMA’s risk ratings for specific zones/areas of the country. The average annual premium cost for flood insurance in 2019 was $700. Other things that determine the cost of flood insurance include:- Type of coverage purchased (buildings and contents)
- Policy deductible and amount of purchased coverage
- Location of the structure
- Design and age of the structure
- Location of the structure’s contents
What does flood insurance cover?
Flood insurance policies typically cover structural damage to the building and its foundation, as well as damage to essential systems such as electrical and plumbing systems. Additionally, coverage often extends to a wide range of personal property, including furniture, appliances, clothing, and electronics, helping to mitigate the financial impact of flood-related losses. For a more in-depth look at this type of coverage, the table below lays out what is and is not covered by a typical flood policy.Covered by Flood Insurance | Not Covered by Flood Insurance |
|---|---|
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Covered by Flood Insurance
- Appliances
- Cabinets
- Carpets and flooring
- Electrical and plumbing
- Heating and air units
Not Covered by Flood Insurance
- Additional living expenses
- Retaining walls and decks
- Swimming pools
- Currency or valuable papers
- Damages caused by earth moving
Note that this list is not exhaustive. Your flood insurance policy paperwork will fully detail items covered by the policy. In addition, structure and personal property coverage usually have separate coverage limits and deductibles.
How do I purchase flood insurance?
Homeowners have plenty of options for buying a flood insurance policy. Many buyers choose to buy coverage directly from the NFIP, but shopping around may provide a better value. Comparing quotes for flood insurance coverage from multiple private insurance companies at once is possible when you work with a partner like SelectQuote.When assessing the need for flood insurance, you’ll want to consider the property's flood risk, which can be influenced by factors such as its location in a designated flood zone, proximity to bodies of water, and historical flood data for the area.Flood Insurance FAQ
Because flood insurance is not a standard part of most home insurance policies, buyers typically have questions about what it does and doesn’t cover to help them determine whether it’s really a good fit for them. Here’s a look at some of the most common inquiries related to flood insurance:What damage is excluded from flood insurance?
Like any home insurance policy, flood insurance does have some coverage exclusions. Damage that is typically excluded from standard flood insurance policies includes:
- Preventable damage from moisture, mildew, or mold
- Mudslide damage and other types of earth movement
- Damage to outdoor structures such as decking, patios, pools, or landscaping
- Additional living expenses due to displacement after flood damage
- Damage to vehicles, including cars, motorcycles, and other vehicles
- Damage caused intentionally by the property owner or as a result of negligence
Do renters need flood insurance?
Like home insurance, renters insurance does not cover personal property damage in the aftermath of a flood event. While landlords typically have insurance coverage for the structure of the building, this coverage does not extend to a renter's personal property. This means that renters in flood-prone areas can benefit from having this type of coverage. Renters can purchase flood insurance via the NFIP to cover personal property up to $100,000.
Where is flood insurance commonly purchased?
Flood insurance can be purchased by practically anyone, but most of the people who buy it live in coastal areas that are susceptible to storm surges and flooding after heavy rains. Those who live near rivers and lakes may also want to purchase flood insurance. Given that 99 percent of United States counties were impacted by flood events between 1996 and 2019, it’s evident that policyholders purchase flood insurance all over the country.
Shop for flood insurance and save with SelectQuote.
Whether you are buying a new home or seeking additional protection for your current property, a flood insurance policy purchased through SelectQuote offers peace of mind and quality coverage. Our team can help answer your questions about home insurance policies and flood insurance. In just minutes, our experienced licensed insurance agents can help you compare unbiased quotes from dozens of the nation’s highly trusted carriers. Let us help you shop for affordable flood insurance coverage that meets your needs.We do the shopping. You do the saving.
