Flood insurance is a special policy created to cover property losses from overland flooding, which is explicitly excluded from standard homeowners and renters insurance. Often required for homes in designated flood zones, this coverage is critical for protecting both a building’s structure and its contents from the devastating financial impact of water damage caused by heavy rain, storm surges, or overflowing rivers.
- What It Is: A special policy that covers damage from overland flooding, surface water, and storm surges.
- What It Covers:
- Building Property: The structure of your home and its foundation.
- Personal Contents: Your furniture, clothing, and other belongings.
- Who It’s For: Homeowners, especially those in flood-prone areas. It’s required for mortgages on homes in designated high-risk flood zones.
- Key Considerations: This is not included in standard homeowners insurance. Policies are primarily offered through the National Flood Insurance Program (NFIP) or private insurers.