A flood can occur just about anyplace and at anytime. Even if you don’t live near a body of water, a flood could affect your property.
Flood Insurance is available to help pay for damages caused by a flood.
Floods are sometimes caused by downpours, melting snow, poor drainage systems, and hurricanes. Most people only get flood insurance if they live in an official flood zone. But floods can occur anywhere.
How Flood Insurance Protects You
A flood insurance policy only covers losses caused by flooding. A standard homeowner’s policy will not cover flood damage. In order to get flood insurance, a policyholder must buy a separate policy.
Flood insurance policies are available for all homes and commercial properties. But those located in flood zones and mortgaged by a federal lender require flood insurance. Factors such as the zone, property age, and size of the building can impact premium pricing.
You must buy flood coverage well-in advance of a flood. There is a 30-day waiting period before the policy becomes active.