Flood insurance is coverage to help you recover from flood damage. The Federal Emergency Management Agency runs a National Flood Insurance Program. The program provides flood insurance. There are also insurance companies that offer flood insurance. But the insurance is not part of traditional homeowner’s coverage so you have to specifically purchase flood insurance.
Many natural disasters revolve around flooding. FEMA usually offers support when a presidential declaration has labeled the flood a national disaster. But if it is not a national disaster, FEMA is not required to help. You should consider investing in a flood coverage that will protect you even when the floods are not a national disaster.
A comprehensive auto insurance policy offers protection for flood-related damages to your car. But you cannot get coverage using standard homeowner’s or renter’s insurance unless it comes through the government.
The policy is available through NFIP to the communities that participate in the program. But you can also buy the policy from an insurance company. Just look for an agent or company that services NFIP insurance policies.
The NFIP policy starts at $112 per year. The amount can increase up to a maximum of $250,000. It depends on the flood risk in your area. And your assets can get covered for up to $100,000 per year. There is a 30-day grace period before the policy becomes effective.