Flood insurance is a standalone insurance policy that covers physical damage to your property caused by flooding—water that rises from the ground up, overflows from bodies of water, or accumulates on normally dry land. Because standard homeowners and renters policies exclude flood damage, this separate policy is the only way to insure against one of the most common and costly natural disasters.
There are two main sources. The National Flood Insurance Program (NFIP), run by FEMA, has been the primary provider since 1968. NFIP policies are sold through private insurance agents but backed by the federal government. In recent years, private flood insurers have entered the market, offering policies that sometimes provide broader coverage, higher limits, or more competitive pricing than the NFIP.
A standard NFIP policy has two coverage components:
Private flood policies may exceed these limits and sometimes include loss-of-use coverage, which the NFIP does not offer.
NFIP policies have a standard 30-day waiting period from the date of purchase before coverage takes effect. This means you cannot buy a policy when a storm is approaching and expect to be covered. A few exceptions exist, such as when a policy is purchased in connection with a new mortgage closing.
If you have a federally backed mortgage on a property in a high-risk flood zone (Special Flood Hazard Area), flood insurance is required. But flooding happens outside high-risk zones too—more than 25 percent of NFIP claims come from moderate- and low-risk areas.
Flood insurance is affordable when you are not making a last-minute decision during hurricane season. Let Truscott help you compare NFIP and private flood options side by side so you get the right coverage at the right price. Request a policy checkup to get started.
Florida homeowners policies include a separate hurricane deductible that functions very differently from a standard deductible. Learn how it triggers, how it is calculated, and what it means for your out-of-pocket costs after a named storm.
Flood and StormYour hurricane deductible does not activate automatically with every storm. Specific policy-defined trigger conditions determine when it applies — and understanding them helps you plan your out-of-pocket costs before a storm arrives.