Floods are more likely to occur than fires in many parts of the country, yet fewer homeowners are protected from floods. Your standard homeowner policy does not cover flood damage. Your home may not be in a high-risk flood region but could still be affected by rising water levels due to a hurricane or a severe storm.
Flood Insurance Coverage is designed to cover your structure and personal possessions up to separate selected coverage amounts. Flood insurance can be purchased by homeowners and renters to protect their belongings. AFI writes flood insurance policies through Wright Flood, which is the largest insurance company providing flood insurance for the National Flood Insurance Program (NFIP) through FEMA. Private Flood Insurance is also available in some states.
AFI's licensed agents can work with you to determine the proper flood coverage to protect you and your home. For more information, call an AFI agent toll-free at 800-495-8232 or get a quote now online.
What is a Flood?
Flood insurance covers direct physical loss caused by "flood." In simple terms, a flood is an excess of water on land that is normally dry. Here's the official definition used by the National Flood Insurance Program:
A flood is "A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:
- Overflow of inland or tidal waters;
- Unusual and rapid accumulation or runoff of surface waters from any source;
- Mudflow*; or
- Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above."
*Mudflow is defined as "A river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water..."
Why Can't I Rely on Federal Disaster Assistance?
Federal disaster assistance is only available if the President declares a disaster. Less than 50 percent of all flooding incidents are awarded a Federal Disaster Assistance declaration. If the President declares a Federal Disaster Area, most disaster assistance is provided in the form of a loan that must be repaid - principal plus interest.
**Flood insurance policies are regulated by the federal government.