Flood Insurance

What is Flood Insurance?

Flood insurance is the specific insurance coverage against property loss from rising water 

The definition from FEMA and the National Flood Insurance Program

A general and temporary condition of partial or complete inundation of normally dry land areas from:

(1) The overflow of inland or tidal waters;

(2) The unusual and rapid accumulation or runoff of surface waters from any source;

(3) Mudslides (i.e., mudflows) which are proximately caused by flooding and are akin to a river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water and deposited along the path of the current.

A flood inundates a floodplain. Most floods fall into three major categories: river flooding, coastal flooding, and shallow flooding. Alluvial fan flooding is another type of flooding more common in the mountainous western states.

More About Flood Insurance

Nationwide, only 20% of American homes at risk for floods are actually covered by flood insurance.
Your home insurance policy does not protect you from rising water
Flood insurance claims are excluded from your home insurance and landlord rental dwelling property insurance

Can I buy Flood Insurance now?

If it is not a requirement by your mortgage company, 
you will have a 30 day waiting period
This prevents homeowners buying Flood insurance when the threat of a flood is happening
A storm in the Gulf?
Can’t buy it
A rising river that threatens to flood your neighborhood?
No a thirty day waiting before it becomes effective
Can I cancel  my Flood Insurance policy?
You can’t cancel your policy unless it is one of 26 reasons
How much does Flood insurance cost?
It depends on your Flood zone but policies can be as low as $300