Flood insurance facts

  • Updated: November 24, 2010 - 6:55 AM


Does my standard homeowner's policy cover flood damage?

No. Flood damage is not covered by hazard insurance or other provisions of a standard policy. Flood damage is covered by a special policy that must be purchased separately.

Who's eligible to purchase flood insurance?

Everyone. Homeowners, businesses and renters are all eligible to purchase flood insurance. The only prerequisite to buy insurance is that your local community participate in the National Flood Insurance Program. In Minnesota, 94 percent of the population lives in NFIP communities.

How do I determine my flood risk?

Visit the FEMA website FloodSmart.gov. Punch in your address and determine your property's flood risk. Also visit fema.gov and search the flood info section.

How much does flood insurance cost?

Standard policies outside high-risk zones can be as low as $300 a year. Homeowners typically pay $500 a year to $2,700 for maximum coverage in high-risk areas. Visit FloodSmart.gov or call an insurance agent. More info is available by calling the NFIP referral center at 1-888-379-9531.

What is covered?

Maximum coverage is $250,000 for structural damage and $100,000 for lost contents. Benefits are limited for basement damage.

Source: FEMA and FloodSmart.gov
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