Flood Insurance


If you live in or near a flood zone, you may be worried about how to control the danger of flooding while also protecting your investment. Many people take these efforts to secure their homes, including shopping for the correct flood insurance. Flood insurance is meant to cover damage caused by externally-induced floods, such as flooding caused by severe rains, snowstorms, melting ice and snow, overflowing storm drains or levees, and so on, but it is not included in typical house insurance.

Flood Insurance

Fortunately, while a conventional house insurance policy does not cover flood damage, you can still get coverage by purchasing a separate flood insurance. Flood insurance in maryland is usually available through a private carrier or through the National Flood Insurance Program (NFIP). However, flood insurance plans have certain special features and limitations to be aware of, and it's critical to ensure that your flood policy meets your individual needs. 

All About Flood Insurance

Flood insurance is usually a stand-alone policy that protects your house and personal items from damage caused by flooding. Flooding is defined as an overflow of water onto normally dry ground. However, there are several exceptions to flood rules. Flood insurance, for example, does not usually cover mudslides.

Flood-related damages are not covered by typical homeowners, condo owners, or renters’ insurance; this is where flood insurance comes into play. The National Flood Insurance Program (NFIP) and several commercial insurance carriers provide flood insurance coverage.

Flood insurance coverage is usually subject to a 30-day waiting period. However, this term may be waived in some circumstances, such as when you require flood insurance to close on or refinance a house or if your home is included in a newly defined flood zone within a specified timeframe.

What Does Flood Insurance Cover?

The National Flood Insurance Program offers two types of flood insurance policies: dwelling coverage and contents coverage.

  • Dwelling coverage: This is the foundation of your flood insurance policy and is required to acquire a policy – you cannot opt-out of it. Dwelling coverage, which is maximum at $250,000., protects your home's structure, built-in appliances, and related buildings against the financial effects of floods.
  • Contents coverage: Up to your policy limitations, contents coverage protects your items, including clothing, furniture, and home décor. This is an optional policy, and NFIP flood plans can be purchased without personal property coverage. The contents coverage on NFIP insurance is capped at $100,000.

In comparison to NFIP plans, private insurance providers may offer additional policy options, larger dwelling and contents limits, and different flood insurance premiums. You may find that a private carrier can provide you with alternative coverage or greater coverage limits than the NFIP, giving you additional peace of mind during flooding occurrences. In contrast to the 30-day waiting time for NFIP plans, most private flood insurance may be activated in 10 days or less. Receiving quotations from a few different private flood carriers, similar to getting quotes for house insurance, may help you identify the flood insurance policy that meets your needs.

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