Flood insurance program is designed to provide affordable flood insurance coverage in flood-prone areas, while also promoting measures to reduce the risk of flood damage.
The NFIP works by providing flood insurance policies that cover losses caused by floods. The program also helps to mitigate flood risks by providing funding for floodplain management.
Homeowners, renters, and business owners in participating communities are eligible for National Flood Insurance Program coverage.
The FEMA flood insurance provides building coverage and contents coverage. Flood insurance covers a dwelling for losses sustained by water damage specifically due to flooding.
Cost of flood insurance coverage depends on the level of flood risk in your area, type of coverage, and the deductible you select. The average cost of an NFIP policy is $700 per year.
For residential properties coverage limit is $250,000 for building & $100,000 for contents. For commercial properties coverage limit is $500,000 for building & $500,000 for contents.