{"id":3941,"date":"2023-10-31T10:55:51","date_gmt":"2023-10-31T10:55:51","guid":{"rendered":"https:\/\/businessyield.com\/ins\/?p=3941"},"modified":"2023-10-31T10:55:52","modified_gmt":"2023-10-31T10:55:52","slug":"how-much-does-flood-insurance-cost","status":"publish","type":"post","link":"https:\/\/businessyield.com\/ins\/insurance-guide\/how-much-does-flood-insurance-cost\/","title":{"rendered":"How Much Does Flood Insurance Cost?"},"content":{"rendered":"\n

Are you looking for flood insurance\u00a0<\/a>and wondering what to expect cost-wise? Well, the first thing you should know is that the rate you get will depend on various factors. These include where you live and the building characteristics of your home or office building, among others.<\/p>\n\n\n\n

Too many homeowners think they don\u2019t need flood insurance. Only about 5% to 15% of homeowners have it, according to the National Association of Insurance Commissioners. But 99% of counties in the U.S. are impacted by flooding, according to the most recent data from FEMA.<\/p>\n\n\n\n

To make matters worse, many homeowners believe they\u2019re already covered for flood damage by their homeowners’ policy. But a standard homeowners insurance policy won\u2019t cover flood damage.<\/p>\n\n\n\n

Without flood insurance, you could face a major financial disaster if your home gets hit by a flood. To put this in perspective, the average payout on a flood claim from the National Flood Insurance Program (NFIP) is $52,000, according to the most recent data from FEMA.<\/p>\n\n\n\n

What Is Flood Insurance?<\/strong><\/span><\/h2>\n\n\n\n

A flood insurance policy covers your house and your belongings for flood-related damage. It\u2019s separate from a\u00a0homeowners insurance\u00a0policy, which usually doesn\u2019t cover flood damage from problems like hurricanes and torrential rain.<\/p>\n\n\n\n

In many places, a flood is considered a vis major event, and the damage or destruction it causes is uncovered if you do not get supplemental insurance.<\/p>\n\n\n\n

Most homeowners who buy flood insurance buy it from the\u00a0National Flood Insurance Program, but you may be able to buy a policy in the private market.<\/p>\n\n\n\n

Flood insurance can cover problems such as:<\/p>\n\n\n\n