FAQs Archive - Page 22 of 23 - Flood Insurance Education & Resources

Q: What is covered by flood insurance?

Check out FEMA's Summary of Coverage . This coverage applies to policies issued under the government-backed NFIP program. Talk to your agent to determine if you have an NFIP policy, or a policy that is issued by a private insurer, which may have different coverage.

Q: What is a flood insurance premium based on?

The amount you pay for your policy is calculated based on factors such as: when the building was constructed, how it is occupied (residential, commercial, or a mix of the two), how many floors it has, the foundation of the building, where a building's contents are located, the building's flood risk, and your coverage amounts and deductible.

Q: Can you pay for flood insurance on a property you don't own? How does homeowners' insurance differ from renters' insurance?

There are two basic coverage types provided by a flood policy. Building coverage covers the structure and utilities of a property. Contents coverage covers the items that you own, such as clothes, furniture, appliances, etc. If you rent your home you can purchase coverage for your contents. You will need to check with your landlord to see if they have any flood coverage for their structure.

Q: How often do floods happen?

Floods can occur at any time. Flood zones are set up via flood plains and are used as guidance on how frequent flooding is likely to occur. A "100-year flood plain," for example, has a 0.1% chance of flooding in any given year. This classification, however, is based on a statistical basis of thousands of years. This means every thousand years this area will flood 10 times; when such floods will occur, however, is left to chance. You could have three 100-year floods within a five-year period. As our climate changes, historical data isn't always a reliable predictor of future events.