I Have Flood Insurance--Do I Really Need To Keep It?

You realize your flood insurance policy is about to expire and you’re on the fence about renewing: It hasn’t flooded in your area in years (or ever). And you really could use that extra money to buy something you really want.

But wait!

DON’T. RISK. IT.

FACT: Flooding is the most common natural disaster in the United States, affecting every region and state, including yours.

FACT: Flood insurance can be the difference between recovering and being financially devastated.

FACT: The damage from just one inch of water can cost more than $20,000.

FACT: If you allow your flood insurance policy to lapse for either more than 90 days, or twice for any number of days, you may be required to provide an Elevation Certificate (if you don't have one), and you may no longer be eligible for policy rate discounts you might have been receiving prior to the policy lapse. It's important to talk with your insurance agent before canceling or not renewing the policy.

FACT: You can file a flood claim even if there is not a Presidential Disaster Declaration.

FACT: Flood damage is not typically covered by homeowners insurance.

FACT: No home is completely safe from potential flooding devastation—why risk it?

FACT: If you live in a high risk flood zone, and you've received federal disaster assistance in the form of grants from FEMA or low-interest disaster loans from the U.S. Small Business Administration (SBA) following a Presidential Disaster Declaration, you must maintain flood insurance in order to be considered for any future federal disaster aid.

FACT: Storms are not the only cause of floods. Flooding can be caused by dams or levees breaking, new development changing how water flows above and below ground, snowmelt and much more.

FACT: Too often, Americans are caught off guard by the emotional and financial costs of flood damage.

Check out your state's flood history with FEMA's data visualization tool. By rolling your cursor over each county, you can see how many flooding events have happened and learn more about the cost of flooding.

Flood insurance helps more: Check out your state's flood history with FEMA's interactive data visualization tool. Roll your cursor over each county to see how many flooding events have happened. The tool allows you to compare how much FEMA and the U.S. Small Business Administration have provided in terms of federal disaster aid after Presidential Disaster Declarations to the amount the National Flood Insurance program has paid to its policyholders. It's easy to see that having flood insurance provides a lot more help for recovery.

To renew your policy, call your flood insurance agent. If you don’t have your insurance agent’s contact information, call the National Flood Insurance Program’s Help Center at 1-800-427-4661.

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