Definition of "Flood insurance"

Flood insurance is a type of home insurance created to protect a homeowner’s property against damages caused by floods. Flood insurance is typically not included in the regular homeowner’s insurance policy.

You can (you should, actually) get flood insurance independently of your property being located near the coast or within the National Flood Insurance Program’s (NFIP) floodplain. Floods have been all too common in America over the past decades and they haven’t been exclusive to specific areas; all 50 states are subject to flash floods. However, properties that are located within high-risk areas are obligated to have flood insurance in order to get the greenlight for financing.

Because the threat is so real and governments held some responsibility for avoiding it via better sewer and urbanization projects, Flood insurance prices are regulated by the NFIP and will not vary from agent to agent, but can get cheaper or more expensive according to a number of factors that go from the actual age of the property and the materials with which it was built to the zoning in which was built.

A flood insurance policy will cover not only the dwelling but also your personal property and liability.

Here are some flood facts for you to help make your decision:

In 2017 alone, 116 people died in America because of Floods. Florida Sea Level and Flood Risks are among the main preoccupations of every Floridian in politics. Do you know what it takes to push a car away? 2 feet of water. Do you know how high a wall of water can get in a flash flood? 10 to 20 feet high. Second to wildfires, floods are the most common natural disaster in the country. 12 inches of water is enough to cause damages worth of $50,000 to a 2,000 square foot property.

Get insured!

 

Real Estate Agent tips:

Do you know how we call insurance for home buyers and home sellers? Working with a real estate agent! That’s the best way to avoid headaches and damages when buying or selling a home.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Said of property that is bought subject to the existing loan against it. ...

The Women’s Council of REALTORS® is one of the affiliate organizations of the National Association of REALTORS® (NAR). This nonprofit organization is a network of successful ...

A narrow passageway between buildings providing secondary rear access. ...

Also called functional depreciation. Loss of value that results from improvements that are inadequate, outdated, overly adequate, or improperly designed for today's needs. May be curable or ...

Federal act passed in 1974 regulating mobile homes. The act defines a mobile home as a "Structure, transportable in one or more sections, which is eight body feet or more in width and is ...

Agreement between two or more individuals whereby each party agrees to do or not to do some act. The parties have reciprocal obligations of performance or actions. ...

Scarcity is a fundamental term in economics, mirroring the limited resources and needs gap. The shortage demands consumers to make logical decisions on spending their money efficiently. ...

Name given by the Realtors National Marketing Institute which is affiliated with the National Association of Realtors. ...

Title deficiency that prevents a seller from successfully transferring property to a buyer. A title company may discover a title defect ( due to encumbrances against the property or failure ...

Popular Real Estate Questions