Standard homeowner's insurance policies do not cover losses due to floods. Flood insurance is available to any owner of insurable property (a building or its contents). Renters also may insure their personal property against flood loss. The average annual premium for flood insurance is $420. The actual cost will vary depending upon the amount of coverage and the degree of the flood hazard. Residents can purchase policies up to $250,000 for their homes and $100,00 for contents. Nonresidential structures can be protected up to $500,000 for the structure and $500,000 for contents. We urge people who live or own property in flood hazard areas to purchase flood insurance to protect themselves from losses due to flooding. There is a 30 day waiting period before NFIP coverage takes effect. Please note that flood insurance is required for properties with a federally backed mortgage. This insurance is especially poignant since there is a 26% chance of experiencing a flood during the life of a 30 year mortgage.
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