Flood Insurance
It doesn't matter if you live in a flood plain, every property owner is susceptible to flood damage and your current insurance probably doesn't cover it. Let us give you a quote today!
What is Flood Insurance?
Flood insurance is specific coverage that protects against property loss from flooding, which is not typically included in a standard homeowners or renters policy. This is especially important in places like Hoboken, where nearly 80% of the Mile Square City is a FEMA-designated flood zone. Most people think the only way to get flood insurance is through FEMA’s NFIP program. Private flood policies can cover higher limits, basements, and even additional living expenses, things NFIP often doesn’t.
Contact us to learn more about the right amount of flood coverage for your home.
More About Flood Insurance
Nationwide, only about 20% of homes at risk of flooding are actually protected by flood insurance. Most private insurers avoid offering flood coverage due to a concept known as adverse selection, where those most likely to experience flooding are also the ones most likely to purchase the insurance, increasing the insurer’s risk.
According to the National Flood Insurance Program (NFIP), a flood is defined as a general and temporary condition where two or more acres of normally dry land—or two or more properties (one of them being yours)—are partially or completely inundated by:
- Overflow of inland or tidal waters
- Unusual and rapid accumulation or runoff of surface water
- Mudflows
Flooding can be triggered by events like hurricanes, landslides, earthquakes, or other natural disasters. However, it’s important to know that even if you have coverage for one of those disasters (like earthquake insurance), it may not cover flood damage caused by the event.
Get a quote for flood insurance