What is Flood Insurance?
The legal definition of a flood, as defined by the The National Flood Insurance Program (NFIP), is as follows:
- A general and temporary condition of partial or complete inundation of 2 or more acres of normally dry land area or of 2 or more properties (at least 1 of which is the policyholder's property) from:
- —Overflow of inland or tidal waters; or
- —Unusual and rapid accumulation or runoff of surface waters from any source; or
- —Mudflow; or
- Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
Anywhere it rains it can flood.
Many conditions can result in a flood: hurricanes, broken levees, outdated or clogged drainage systems and rapid accumulation of rainfall.
Just because you haven’t experienced a flood in the past, doesn’t mean you won’t in the future. Flood risk isn’t just based on history, it’s also based on a number of factors such as: rainfall, river-flow and tidal-surge data, topography, flood-control measures, and changes due to building and development. New development miles upstream can create flooding in your area.
Flood insurance policies cover physical damage to your property and possessions that result from a flood.