For example, Flood Guard sells policies with up to $5 million in dwelling coverage and Neptune Flood Insurance offers up to $4 million in dwelling coverage.

You may be able to buy higher amounts of dwelling coverage in the private market. For example, if flood water damages your electrical and plumbing systems, the dwelling coverage in a flood insurance policy would pay to repair or replace it.įlood insurance through the NFIP caps dwelling coverage to $250,000. Dwelling coverageĭwelling coverage, also called building coverage, pays to repair or rebuild your house after flood-related damage. You may be able to purchase a building-only policy, a contents-only policy or both, depending on where you purchase your flood insurance from. What Does Flood Insurance Cover?įlood insurance can generally be broken into two main parts: Dwelling (your house) and contents (your belongings). Some homeowners purchase private flood insurance as an “excess” policy to provide additional coverage on top of their base NFIP policies. For example, if you had an NFIP policy with $250,000 in building coverage, you would be covered up to that amount. If your house and belongings are damaged or destroyed by a flood, you can file a claim with your flood insurance company and be covered up to your policy’s limit. For example, Zurich Residential Flood Insurance does not have a waiting period. Some private flood insurance companies have a shorter or no waiting period. Inland flooding, such as rivers and streams overflowing during a stormįlood insurance through the NFIP has a 30-day waiting period before coverage goes into effect, meaning you can’t make a flood insurance claim for damage that occurred during the waiting period.

The majority of homeowners who buy flood insurance buy it from the National Flood Insurance Program, but you may be able to buy a policy in the private market.įlood insurance can cover problems such as: It’s separate from a homeowners insurance policy, which usually doesn’t cover flood damage from problems like hurricanes and torrential rain. What Is Flood Insurance and How Does it Work?Ī flood insurance policy covers your house and your belongings for flood-related damage.

Nfip flood insurance