However, your lender will often require homeowners insurance to decrease your liability if you have a mortgage. Homeowners aren't legally required to have homeowners insurance. Homeowners insurance protects your dwelling, personal belongings and offers personal liability protection. Blust notes that flood insurance excludes water damage from sump pumps, sewer water, broken pipes, rain from an open window, and windstorms, which your homeowners insurance policy may cover instead. What is covered under a flood insurance policy?įlood insurance seldomly covers other water damage besides ones that occur from a flood. It is important to remember that a standard homeowners policy will not provide any coverage for flood-related damages. But even if you live in a high-risk area, you may still consider having coverage. Only about 14% of US homes are in areas that require flood insurance. It covers damage caused by surface water entering your home's structure through existing openings above ground level. What is flood insurance?įlood insurance must be purchased separately from your homeowners insurance policy. He also stresses homeowners need to know how, or if, flood damage is covered under their current insurance policies, especially if they live in a hurricane-prone area. The NFS administers flood insurance on behalf of FEMA and the National Flood Insurance Program (NFIP).īlust says many homeowners believe they are prepared for a flood, but only 12% have flood coverage. "Flooding is one of the most common and costly natural disasters in the US," says Ralph Blust, CEO of the National Flood Services (NFS). According to the Federal Emergency Management Agency (FEMA), 30% of all flood damage claims come from low to moderate-risk zones, where flood insurance is not required. However, many homeowners who have flood damage don't live in flood zones or have flood insurance. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept ourįlood insurance is not required for homeowners unless you live in a high-risk flood zone.
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