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Do I Need Flood Insurance?

Losses due to flooding are usually not covered under your homeowners policy which is why flood insurance needs to be bought as a stand alone policy. Floods can happen anywhere, and they can cause a lot of damage to your home and belongings. Flood insurance can help you recover from a flood and protect your financial assets.


Some factors to take into consideration to help you decide are:

  • Your home's location - are you near creeks, rivers, or lakes?

  • Whether you have a mortgage - you may be required to have flood insurance as part of your mortgage.

  • The type of mortgage you have - government backed mortgages are more likely to require flood insurance.

  • Your lender's requirements

  • Your budget

Even if you're not required to have flood insurance, it's a good idea to consider getting it, especially if you live in a coastal region or an area that is prone to flooding. I live in an area that is hours from the coast and has mild weather, but the areas around me tend to get heavy rains which cause my home to be under a flood watch or warning frequently as those waters work their way down.


The cost of flood insurance varies depending on the location of your home, the type of coverage you choose, and your deductible. In Florida, flood insurance can range from $261 per year to $7,303 per year.


Here are some additional things to keep in mind about flood insurance:

  • Flood insurance is a separate policy from homeowners insurance.

  • You can purchase flood insurance through the National Flood Insurance Program (NFIP) or through a private insurer.

  • The NFIP is the most common source of flood insurance, but private insurers may offer more comprehensive coverage or lower premiums.

  • There is a 30-day waiting period before flood insurance takes effect.

  • You should review your flood insurance policy annually to make sure it still meets your needs.

If you would like to find out more about flood insurance for your home or business, contact your local independent agent who has access to multiple private carriers.

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