You may be required to buy flood insurance if your home is in a high-risk flood area and you have a federally backed mortgage.
There are two main options to buy flood insurance: through the National Flood Insurance Program (NFIP), which is backed by the federal government, or through a private insurer. Until the last few years, the private flood insurance market was prohibitively expensive, though.
At ValuePenguin, we write about how to understand whether you're required to get flood insurance, the best and most affordable options for flood insurance and the average cost of coverage, among other topics.
Flood Insurance Research & Advice
The cost of flood insurance will increase on more than 3.8 million policies, though just 4% of all policies will see the highest increases... Read More
The National Flood Insurance Program increased premiums by an average of 11.3% after April 1, 2020, though different types of property... Read More
Amid Coronavirus Pandemic, Nearly a Third of Homeowners in High-Risk States Have Not Made Any Hurricane Preparations
More than one-quarter of homeowners in at-risk areas say the coronavirus pandemic has caused them to be less prepared for this year's... Read More
At an average annual cost of $900, flood insurance coverage in Minnesota is a substantial addition to your existing costs as a homeowner.... Read More
Flood insurance costs Connecticut homeowners $1,504 each year, on average. You may be required to purchase flood insurance in Connecticut... Read More