Floods are not covered on the standard home insurance policy.
River floods, flash floods, storm surge, all fall into a big ole' "not typically covered" bucket.
Flood insurance is meant to cover damage from floods caused by a wide variety of sources with the most common being rain. Flood insurance typically also covers storm surges and tidal waves.
Here is the good news: coverage may be available via the National Flood Insurance Program(NFIP), or if you are in a highly flood-prone area, your mortgage lender may have already required you to purchase flood insurance.
NFIP was developed by the government in 1968 to provide coverage for flood damage to homes in high-risk areas. To be eligible for this type of flood coverage you must live in a community that qualifies (this can be found on their website).
If you are not available for coverage via NFIP, there is a private (not government mandated) marketplace for flood insurance, but it can get pricey.
Some variables that will affect your flood-insurance premium:
· How prone your area is to floods
· The frequency and severity of the flooding in your area
· The history of floods in your area
· Age of your home construction
· Building occupancy
To recap: if you don’t know for certain that you already have flood insurance, its best to assume you do not because flood insurance does not come standard on your home insurance policy. If you are in a highly flood prone area, you may be eligible through coverage via the National Flood Insurance Program (NFIP).
If you are interested in obtaining quotes for flood insurance or want to learn more, we are happy to help!