Most people are unaware that their basic homeowner policy does not cover flood.
The storm surge from a hurricane is considered flood damage, so this damage is not covered by home insurance under the hurricane/ windstorm peril. You must have separate hurricane and flood insurance to adequately protect your home.
After tropical storm Faye hit in 2008, literally thousands of homeowners were completely wiped out because they did not have adequate flood insurance coverage for damage from the storm’s flooding. Water that appears to “flood” a home is not covered unless it came in through blown out windows or roof destroyed by the windstorm. Rising water coming in from outside is otherwise not covered. Even if some water has penetrated the home from a broken window or damaged roof it is easy to determine the amount of “flood” damage compared to waters from windstorm by a line that the flood waters leave on exterior walls, trees, shrubs etc outside the property after the waters recede.
As long as your home is in a NFIP community, you can buy flood insurance.
There is a 30 day wait when purchasing a new flood policy. if a policy is purchased in connection with a mortgage or a revision of a flood rate map, the wait does not apply.
Over a 30 yr. mortgage a homeowner has a 26% chance of flooding vs. a 9% chance of having a home fire.
If you are a resident living in a “Special Flood Hazard Area” and have a mortgage from a federally regulated lender , you will be required to purchase a flood policy. Everyone who lives in a special flood hazard area should analyze their risk and consider the purchase of flood insurance regardless of a mortgage requirement.
Those outside of the high risk areas should also consider flood protection. Twenty Five percent of all flood insurance claims are filed in low to moderate-risk areas.
Everyone, renters, business owners, home owners, and condo unit owners need flood.
Consider a condo unit owner on the 5th floor where flood water intrusion is unlikely, yet the storm surge could cause the entire building to be condemned thus triggering the need for a flood policy.
Inland flooding has occurred repeatedly after intense rainfall and a story system stalling while continuing to dump levels of rain that create flash flooding.
The development of new land can increase flood risks in communities especially if the natural runoff paths are changed.