What is Flood Insurance?
Flood Insurance is excluded by standard property insurance forms. The major provider of flood insurance is the Federal Government, through the National Flood Insurance Program (NFIP). Many private insurance carriers provide this coverage through a “Write Your Own” program which is 100% backed by the NFIP.
“Flood”, as used in a flood insurance policy has a very specific meaning:
1. A general and temporary condition of partial or complete inundation of 2 or more acres of normally dry land area, or 2 or more properties (at least one of which is your property) from:
a. Overflow of inland or tidal waters;
b. Unusual and rapid accumulation of runoff of surface waters from any source;
2. Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined in A.1.a above.
Flood insurance through the NFIP is only available on “eligible” buildings, or “eligible” contents within “eligible” buildings, and only if the building or contents is located within an eligible community.
A select number of insurers specialize in flood insurance and these companies are very experienced in assisting insureds with their flood insurance needs.