Facts about flood insurance

• Flooding ruins millions of dollars of homes and property every year
• Flooding is not commonly covered in your typical homeowner’s insurance policy
• Flood policies typically don’t take effect for 30 days after purchase
• A home buyer purchasing a home in a high-risk flood zone through a federally regulated lender is required to buy flood insurance to qualify for a mortgage
• Beachfront or ocean-side property may not be qualify for flood coverage for the obvious reasons.
• As of 2009, the National Flood Insurance Program (NFIP) had 5.7 million flood policies in force nationwide.
• Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. Premiums vary widely, depending on the property’s elevation, proximity to bodies of water, and whether the dwelling has a basement.