Don't Just Get Flood Insurance -- Keep It
Standard homeowners insurance does not include coverage for flood damage, although buying insurance through the NFIP is relatively affordable, with premiums starting at $112 per year for low-risk areas. The NFIP will cover up to $250,000 for the home itself and $100,000 for its contents. Renters can pay as little as $39 per year for $8,000 in contents coverage.
Federal flood insurance is available to communities that participate in the NFIP -- mostly coastal areas and those on the 100-year flood plain. Homeowners can find out more information about risks and coverage at the NFIP's FloodSmart Web site.
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