Many homeowners are unaware that their home insurance doesn't cover flood damage. Flood insurance is one of the best ways you can protect yourself from flood losses. Contents coverage can include possessions such as furniture, clothing and other valuables, subject to policy limits and exclusions. Flood insurance covers certain cleanup expenses, damages to your heating and cooling system and repair or replacement of flooring, according to the policy. While Nationwide does not directly offer federal flood insurance policies, you can purchase building and contents flood coverage through the National Flood Insurance Program with your agent.
What is flood insurance?Here are a few facts about floods and flood insurance:
- Floods happen everywhere. Any place can flood under certain conditions which makes flood insurance a smart addition to your insurance package no matter where you live.
- Flood insurance is backed by the government. Most flood insurance is administered by the National Flood Insurance Program.
- If you own a condo or rent your home, you should still consider flood insurance to protect your belongings.
How much does flood insurance cost?
The cost of flood insurance can vary depending on a number of factors including:
- Most importantly, your flood risk. Areas with a higher risk of flooding will have a higher flood insurance cost.
- The amount of possessions you’re protecting with your new flood insurance policy.
- The type of property you are protecting; primary residence, nonresidential property or second homes
Taking into account all of these factors, the average cost of flood insurance through the National Flood Insurance Program is about $700 per year.
How do I get flood insurance?
You can purchase national flood insurance through Nationwide; it cannot be bought directly through the National Flood Insurance Program. Call 1-877-669-6877 and a Nationwide professional will walk you through the process. Be prepared to answer questions about your home, rental or condo as well as the area you live in.
Importantly, there is also a 30-day waiting period in most areas after you buy flood coverage before the policy becomes effective.
What to do if your home floods
- Put safety first. In the event of extreme flooding, you and your family should vacate and seek a safe location immediately.
- File an insurance claim by contacting your insurance company or agent.
- Before you re-enter your home, make sure the building is structurally sound and not in danger of collapse.
Read more about what to do after a flood at FloodSmart.gov.