Flood insurance is an insurance designed to cover losses sustained by water damage caused by flood due to heavy or prolonged rain, melting of snow, storm, blocked storm drainage systems, or dam failure.
You can get flood insurance through two mediums:
1.National Flood Insurance Program (NFIP)
You can purchase flood insurance from the NFIP which is managed by the Federal Emergency Management Agency (FEMA). You can contact the NFIP Referral Call Center at (888) 379-9531 or find insurers who work with NFIP online. NFIP sets the price and premiums by considering factors like the property value, the age of the house/property, and flood risk. So, no matter which insurer or agent you deal with, the premiums will be the same.
2.Private Flood Insurance
In private flood insurance, the premiums are different compared to NFIP insurance policies. The prices may be higher as well as lower. Private companies allow customization of the policy, and the claim limits can be higher than the insurance policies sold under NFIP.
There are advantages and disadvantages of insurances from both these options. You need to identify what your needs are and invest in the policy that benefits you the most.
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