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Flood Insurance is always a separate policy from your Homeowners and Hurricane policies. Homeowners insurance doesn’t cover floods. Only a flood insurance policy will cover flood damage. Anywhere it can rain, it can flood. It is important to understand a property’s flood risk and your options to financially protect it. Damage from flooding affects thousands of homes every year – and can be costly. Even if you aren’t required to purchase flood insurance, your home could still be at risk for flooding.
Flood Insurance can be obtained for houses, apartments, condominiums and commercial buildings. To find out if you are located in a “high risk flood zone” requires a Flood Zone Determination.
Because the flood insurance program, NFIP (National Flood Insurance Program) is administered through FEMA (essentially the Federal Government), rates are standardized for all underwriters. If your property is in a “higher risk” zone, you need an “Elevation Certificate” which would specify the Base Flood level and the Elevation of you property. An elevation above the base flood level can make a dramatic difference in your premium.
The maximum coverage allowed on a flood policy is $250,000 for the dwelling and $100,000 for the contents (personal property). If there is a need for additional coverage, Excess Flood coverage can be obtained through surplus carriers, although the rates may be much higher.