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
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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
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With COVID-19 dominating public discourse, the continuing lack of flood insurance coverage in many cities may be going unmentioned as the... 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
On average, flood insurance costs Connecticut homeowners nearly $1,400 each year. Find out the difference between NFIP and private flood... Read More
The average annual cost of flood insurance in Massachusetts is $1,294 for policies sponsored through FEMA's National Flood Insurance... Read More
Flood insurance in Pennsylvania costs an average of $1,176 each year. Your mortgage lender may require that you get flood insurance if you... Read More