Floods can happen any time or any place.

You don’t have to live near water to be at risk. Flood claims can occur in low to moderate risk areas. Homeowner’s insurance does not cover flood damage, but Flood Insurance does. Flood insurance also covers damage caused by mudflow, dirt, and debris caused by moving water.

Homeowners with mortgaged property in a Special Flood Hazard Area (SFHA) are now required by federal law to obtain flood insurance. Lenders must comply by requiring flood insurance on the outstanding mortgage balance for the life of the loan.

Keep in mind that, while flood insurance is affordable, flood damage is not.

Your coverage under a flood insurance policy is based on your home’s value, minus your land value. Flood Insurance up to $250,000 is available for residential buildings, with the option of up to $100,000 for coverage of contents. Excess flood insurance is available to extend coverage above these limits.

There is a 30 day waiting period in effect before a flood insurance policy becomes effective, so the best way to protect your home is to act now, before flooding happens.