- Published: Tuesday, 07 August 2012 01:00
If you want flood insurance, you generally have to buy a separate policy. Typically these policies are sold by private insurers, but are backed by the federal government through the National Flood Insurance Program.
Some federally backed mortgage programs require homeowners to buy flood insurance if they live in a high-risk area. Some private lenders require this as well, and they may require it even if the property is not in a high-risk area.
You should note that just because a property is not in a high-risk area doesn’t mean that flooding is impossible. High-risk areas are typically low-lying regions that are subject to storm surges or overflowing rivers, but even property in a very low-risk area can still be flooded due to heavy rainfall, drainage system failures, or a broken water main.