Flood insurance is something needed by many people even though they are unaware. It is important for everyone to understand that a “Flood” is any surface water that does damage to your residence or personal property. Flood is not a covered peril under a standard homeowner program.
If you have exposure to surface water, you have exposure to “flood.” The flood insurance program is a federal program; your community must be a participating community and therefore must follow federal guidelines. Some insurance companies write the federal flood program as though it were their own plan but the federal guidelines and rules still apply.
Flood insurance is very inexpensive if you are in a low-risk area and can be more costly if you are in a high-risk (low-lying) area. The Insurance Exchange is always willing to quote a flood policy for you if you are in a participating community. Getting a quote can show just how affordable the coverage can be.