Your Homeowners, Condominium, Cooperative and/or Renters policy EXCLUDES coverage for loss caused by FLOOD OR MUDSLIDE. A “flood” is defined, in part, by the National Flood Insurance Program (NFIP) as:
A general and temporary condition or partial or complete inundation of normally dry land areas from overflow of inland or tidal waters or from the unusual and rapid accumulation or runoff of surface waters from any source.
Based on this definition, even if your home is NOT adjacent to a pond, lake, stream, etc, it can still be subjected to a flood, especially if your home is located on sloping land, when water runs downhill.
If your home is located in or near a “high-risk” flood zone (as defined by NFIP), your lender may require Flood insurance, but Flood insurance is available for all homes, regardless of location. NFIP policies cover up to a maximum $250,000 for the Dwelling and up to $100,000 for Contents (excluding basement Contents), with various deductible options. A typical policy premium is $500, but premium varies widely based on coverage limits, deductible, and flood zone.
Higher coverage limits (beyond the NFIP policy maximum limits) are also available from commercial carriers. Higher-quality Homeowner insurers may be able to include broader Flood coverage (verus the NFIP policy), including some coverage for basement contents. Contact our office for more information.