Understanding Flood Insurance

Flood insurance is through federal government

Government controls rates

Rates generally are much higher

Claims are handled through government

Dwelling coverage only goers to $250k

Contents coverage only goes to $100k

Replacement cost is an additional cost

Required on government loans

Flood insurance is through private insurance company

Insurance company controls rates

Claims are handled through government

Dwelling coverage goes to $10 million

Contents coverage goes t0 $1 million

Replacement cost is included

Available on non traditional loans and properties with no mortgage