Daily Juice 084 – Flood Insurance- what is it?

Daily Juice 084 – Flood Insurance- what is it?

The most typical question I get from my clients about Flood insurance is this: If my home gets damaged in a flood, am I going to be covered?

The answer is: It depends on the value of your home, the level of water damage and if you actually have coverage. General homeowner’s policies don’t provide flood coverage as part of the policy.

Let’s start by looking at what Flood Insurance is all about:

  1. General homeowner’s policy doesn’t include flood coverage
  2. Most common policies are offered thru federally regulated program known as the National Flood Insurance Program (NFIP). It has two policies:
  • One that covers your actual home (building property) up to $250,000
  • One that covers your personal property up to $100,000

You can buy one or both. If you need more coverage, you can buy excess coverage.

  1. If you live in a flood zone and have a mortgage on the property, you might be required to buy this coverage by your lender.

In the next episode, we will discuss what Flood insurance actually covers, because flood damage can be caused by a variety of perils and not all of them are covered.

Listen Here!

Anna Sergunina
Anna Sergunina

I'm Anna Sergunina, CFP®, President & CEO at MainStreet Financial Planning, Inc. My passion lies in serving others through financial planning, helping clients achieve their dreams like buying a home, saving for education, or retiring early. With over two decades in the industry and a CFP designation since 2009, I'm dedicated to excellence and continuous growth. Beyond work, I cherish moments with my son Liam, prioritize self-care, and engage in content creation for my Money Boss Parent Podcast and Money Library blog.

Get Started with Get started with Anna’s team

Stay updated on future articles, shows, and podcasts