Note that the standard homeowners’ insurance policy does not cover flood damage. It is important to know that a flood insurance policy will not go into effect until 30 days after buying it.

What is a flood?

The National Flood Insurance Program (NFIP) defines flood as a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder’s property) from overflow of inland or tidal waters, unusual and rapid accumulation or runoff of surface waters from any source, mudflow, or collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels.

What is flood insurance?

Flood insurance is a special policy, federally backed by NFIP. You may buy flood insurance that covers up to $250,000 for flood damage to your home. A standard flood policy will cover structural damage, including damage to your furnace, water heater, air conditioner, floor surfaces (carpeting and tile) and debris clean up. For an additional premium, you may also buy flood coverage for up to $100,000 of damage to the contents of your home due to a flood. Coverage is available up to $500,000 for non-residential buildings and their contents.