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

Implied assurance from a landlord to a prospective tenant that an apartment is safe and void of health problems. ...

A contractual clause where one party assumes a liability risk for another. Thus, a hold harmless clause effectively indemnifies the named party from any liability by transferring the risk ...

An individual's option to fairly utilize another's property. An example is privileges under an easement. For example, a person receives permission to use a lake on the private property of ...

Attorney whose name officially appears in permanent records of a case or an appeal thereto, or on the appearance docket. It gives public notice of the attorney who is handling the case. ...

Person or business that obtains mortgages for others by finding suitable lenders. The mortgage broker sometimes deals with collections and disbursements. Typically the mortgage broker ...

Real estate artificial intelligence refers to the application of artificial intelligence technologies and algorithms in the field of real estate. It involves using advanced computational ...

Capital appreciation financial goals set by a company or an individual over an extended period of time. Long-term capital goals establish a method for achieving the capital goal outcome ...

Defendants legal objection to the prima facie sufficiency of a judicial pleading. It is a motion to dismiss an action on the ground there is no apparent equity violation, the court has no ...

Environmental element that remains unchanged and strongly influences real estate valuations despite the cost of improvements. ...

Popular Real Estate Questions