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| Typical costs: |
- Annual premiums for flood insurance on a single-family one-story home average about $400-$450 nationwide but can be as low as $112 in a low-risk area and more than $2,000 a year in flood-prone areas. FloodSmart.gov provides quick quote charts for rough cost estimates and a location risk calculator.
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| What should be included: |
- Standard homeowners policies do not cover environmental- or storm-related water damage. Flood insurance is sold and serviced by private insurance companies but the policies are issued through the federally funded National Flood Insurance Program. ConsumerReports.org outlines what's covered and why flood insurance is a good idea even in low- to moderate-risk areas.
- FloodSmart.gov answers commonly asked questions.
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| Additional costs: |
- Residential flood insurance covers structural replacement costs up to $250,000; anything over that amount requires a separate policy from one of the few private companies issuing this type of coverage.
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| Shopping for flood insurance: |
- Ask your insurance agent about flood coverage or search for a local agent at FloodSmart.gov.
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Article updated November 2006 |
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