Flood insurance is available to homeowners, renters, condo owners/renters and commercial owners/renters. The annual premium varies from property to property based on the level of coverage and the location's predetermined flood risk.
Homes and businesses with mortgages from federally regulated or insured lenders in high-risk flood areas are required to purchase flood insurance.
The insurance provides coverage for flood damage to buildings and contents, with maximum limits of $250,000 for buildings and $100,000 for contents. Separate deductibles apply to buildings and contents with different amounts available for policyholders.
This coverage is not provided by a standard homeowner's insurance policy.
Flood insurance coverage is limited in basements, defined as areas where the floor is below the ground level on all sides. Basement damage is limited to portable air conditioners, washer and dryer, furnace, water heater, circuit breakers and freezer.
Information is available from local insurance agents or online at www.floodsmart.gov. A policy may be purchased only from an insurance agent, not online or otherwise, according to the Federal Emergency Management Agency. Rates are set by the federal government and do not vary from company to company. A policy must be purchased for an entire year and is not effective until paid in full.
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