How much flood insurance is required

There are two main types of flood insurance: NFIP and private flood insurance. NFIP is available for homeowners, business owners and even renters in qualifying communities to purchase and protect themselves from a flood. NFIP is available to any homeowner living in high-, moderate- or low-risk areas.

Currently, there are more than 20, communities across the nation that participate in NFIP. If your community does participate, you can apply online or call FEMA to enroll in a policy. With the right policy, NFIP does cover major flood damages.

But what about the contents of your home or the building itself? With NFIP contents coverage the following items are covered:. With NFIP building coverage the following items are covered:. Your deductible can also impact your costs. Typically, the lower your deductible i. Additionally, NFIP does not cover damage to automobiles on your property.

Private insurance companies are able to offer flood protection coverage in a variety of ways:. As of July , federal law mandates that flood insurance policies must provide coverage that is as broad as the coverage offered by NFIP. Additionally, private flood insurance can cover your living and other incidental expenses incurred because of the flooding, which NFIP does not. That can happen through the continual updating of FEMA maps. Knowing how much coverage you need can help you decide which type of flood insurance is best for your home.

In order to figure this out, take a look at the worst-case scenario: How much would it cost to rebuild your home? Your homeowners insurance plan protects your home from many damages and risks.

Want to learn more about home buying and selling? Check out our Learning Center. Servicing - 7-minute read. Kevin Graham - November 09, In the aftermath of a natural disaster, you may find yourself feeling overwhelmed and not know where to start putting everything back together.

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Need help finding an insurance provider? Who's required to have flood insurance? Do you have a mortgage? Have you received disaster assistance? Every property is vulnerable to flooding.