However, it’s important to note that a home doesn’t have to be located near a body of water to be at risk for flood damage. (Homeowners may also see this referenced as a FEMA FIRM map.) The map will show a home’s proximity to flood risk zones, typically including a body of water such as a lake, river, or coastline. The flood risk zone for a specific area can be found through the Federal Emergency Management Agency’s (FEMA) Flood Map Service Center. Flood Risk ZoneĪ homeowner needs to know their flood risk zone in order to determine how much flood insurance coverage they might need. This includes everything from determining what flood risk zone a home is in, to how much coverage a homeowner can get, to who sells flood insurance and how to file a claim. When shopping for the best flood insurance, it’s important for homeowners to understand what it is and what type of flood insurance coverage they need. Photo: What to Consider When Choosing the Best Flood Insurance BEST AGGREGATOR: Better Flood Insurance.Therefore, it’s essential for homeowners to understand what flood insurance is, what coverage it provides, and which companies offer the best flood insurance. Even homeowners who don’t have a government-backed mortgage or who live outside a high-risk flood area may be required by their mortgage lender to have flood insurance. In addition, if the home is located in a high-risk flood area and the homeowner has a government-backed mortgage, they are likely required to have flood insurance. Why? Renters and homeowners or hazard insurance policies don’t usually cover flood damage while homeowners insurance and a home warranty can cover some types of water damage, damage from flooding is usually excluded. After all, flood insurance is for homes near rivers and lakes, or in areas at risk for hurricanes, right? In fact, this is one type of specialty insurance that homeowners will want to strongly consider have if there is even the slightest chance their home could be flooded. Homeowners who don’t live in high-risk flood zones likely don’t spend much time thinking about insurance for flooding.
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