For many homeowners, flood insurance is an essential extra layer of protection. Adding flood insurance to your insurance package means you're covered if groundwater rises and floods your home-a situation that isn't usually covered by home policies.
We agree with the National Flood Insurance Program-everyone should have flood insurance, especially if you're in an area that has a high flood risk. You might even be required to have it if you're at high risk.
Here's why the National Flood Insurance Program (NFIP) recommends flood insurance to everyone:
The situations that cause flooding-heavy rain, melting snow, severe coastal weather-can happen anywhere. In fact, one in five flood insurance claims comes from someone in a low-or medium-risk area.
Most of your house is covered; what isn't?
Generally, most of your house is covered by flood insurance. Specifically, the core parts of your home-like the foundation and the systems that keep it running-are covered. So are appliances.
Carpeting and personal belongings are generally covered, too, unless they're in the basement.
Unlike most other insurance coverages, your flood insurance policy will cost you the same, no matter where you get it. (Good news if you prefer not to shop around!)
The reason flood insurance costs you the same is that it's a national program backed by the federal government (via the National Flood Insurance Program). So, however you buy it, it's ultimately coming from the same place.