How Much Flood Insurance You Need In Boise

Get the proper flood and home insurance with Boise Home & Flood

A federal law passed in 1968 requires that any community that participates in the National Flood Insurance Program (NFIP) make flood insurance available to its residents and business owners. The NFIP is administered by the Federal Emergency Management Agency (FEMA).

Flood insurance covers damage caused by flooding, including water that flows over land from an overflowing body of water. It does not cover other types of water damage, such as wind-driven rain or damage from a broken pipe.

Most standard homeowners insurance policies do not cover flood damage. That means if you live in a high-risk area and your home is damaged, you will likely have to pay for repairs out of your pocket unless you have flood insurance.

Types Of Floods

Floods are one of the most common and costly natural disasters in the United States. According to the NFIP, floods occur every year in all 50 states. While standard homeowners insurance policies do not cover this damage, homeowners can purchase flood insurance through the NFIP.

Flood insurance is important for everyone, but especially for those who live in high-risk areas. Homeowners who live in high-risk areas are required to purchase a policy if they have a mortgage from a federally regulated or insured lender.

How To Calculate How Much Coverage You Need

There are a few things you'll need to take into account when trying to calculate how much flood insurance coverage you'll need. The first is the value of your home and its contents. You'll also need to consider the likelihood of your home being flooded, which will depend on factors such as its location and whether it's in a high-risk area.

Once you have an estimate of the value of your home and its contents, you can start looking at different insurance policies. Most policies will cover up to $250,000 worth of damage, but this may not be enough depending on the value of your home. It's important to read the fine print of any policy you're considering, as some may have exclusions or limits on what they cover.

What Does Flood Insurance Cover

While homeowners insurance covers most water damage, it typically excludes flooding. That's why you need a separate coverage policy to financially protect your home from this type of disaster.

Flood insurance covers the repair or replacement of your home and personal belongings damaged by water. It also reimburses you for temporary living expenses if your home is uninhabitable after the event. Most importantly, it gives you peace of mind knowing you're prepared for the worst.

There are two types of policies:

• A National Flood Insurance Program (NFIP) policy, which is backed by the federal government
• A private flood insurance policy, which is offered by some insurers

Both types of policies have their pros and cons, so it's important to compare them before buying.

According to the NFIP, it is mandatory in communities that participate in the program and it is generally required by mortgage lenders. Homeowners can purchase a policy through the NFIP or from private insurers. The amount of coverage you need depends on several factors, including the value of your home and personal belongings, your deductible, and the base flood elevation in your area.

Boise Home Insurance Agents

As the climate continues to change and weather patterns become more erratic, it's important for homeowners to know their flood risk and consider purchasing flood insurance. Homeowners should consult with their insurance agent to determine if they live in a high-risk area and if their mortgage lender requires to have one. Even if you're not required to purchase, it may be a wise investment given the potential for flooding.

While no one can predict the future, by understanding your risk and taking steps to protect your home, you can help minimize the impact of flooding should it occur.