Understanding Flood Insurance Coverage for Renters and Homeowners

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Renters and homeowners need to understand how flood insurance coverage works. If a flood impacts your community, flood insurance covers property losses from mudflow or rising water. Since standard homeowners and renters insurance policies do not include this coverage, acquiring flood insurance is critical for renters and homeowners.

Understanding Flood Insurance Coverage for Renters and Homeowners

Renters Flood Insurance

Your landlord may have a flood insurance policy that covers the building you live in. That policy doesn’t cover your property as a tenant. Fortunately, you can purchase a flood insurance policy for contents-only coverage to protect your personal belongings. Most things you own and keep in your rental unit would be protected by contents coverage. Examples of covered items include your:

  • Furniture
  • Smartphone
  • Clothing
  • Computer
  • Jewelry
  • Artwork

Items stored in basements aren’t eligible for coverage. Currently, the coverage limit is $100,000 for contents coverage policies offered through the National Flood Insurance Program (NFIP).

Homeowners Flood Insurance

If you’re a homeowner, you need two types of flood insurance coverage. You need the contents coverage described above for your belongings and building coverage for the structure (your home). You have to purchase each coverage separately. Also, each coverage has its own deductible and coverage limits.

Building coverage includes protection for your home’s:

  • Foundation
  • Furnace
  • Plumbing
  • Built-in cabinets and shelves
  • Electrical system
  • Built-in appliances
  • Water heater

Although you may consider your fence, your swimming pool, and your hobby shed parts of your home, most items outside of your home don’t qualify for coverage. Detached garages are the notable exception to that rule. As of this writing, NFIP building coverage for a personal residence goes up to $250,000.

How to Get Flood Insurance

You don’t have to waste time shopping around for flood insurance. NFIP flood insurance rates are the same everywhere. NFIP flood insurance policies can be purchased through local insurance agencies like ours. The advantage of getting your flood insurance through us is we help you find the right coverage for your situation. Contact us today.

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