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Flood Insurance

Flood insurance is a crucial coverage option that you might not have considered until now. Standard home insurance doesn't cover flooding,  so it's important to have protection from floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact the U.S. Even if you are not in an area where flooding is an immediate concern, things can quickly happen to create such a risk.

Congress created the National Flood Insurance Program (NFIP) in 1968 to 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.

Flood Insurance Coverage

Flood insurance protects two types of insurable property: building and contents. The first covers a building that you own, the second covers 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 buildings 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.

Content provided by FloodSmart.gov

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