Flood insurance is a specific type of property insurance that provides coverage for damages caused by water due to flooding. Flooding can occur as a result of heavy rain, snow melting, coastal storms, blocked drainage systems, or dam failures. Now we will answer the question “Does flood insurance cover hurricanes?”
Does flood insurance cover hurricanes?
You know about define of flood insurance so you can know the answer. No, flood insurance does not directly cover hurricanes.
Is Hurricane Insurance the Same as Flood Insurance?
Hurricane insurance and flood insurance are sometimes thought to be the same thing. Flood insurance protects against damage caused by flooding, which can be caused by hurricanes but can also cover damage from other sources, like a pipe leak. On the other hand, hurricane insurance is usually a combination of flood and windstorm insurance. It provides coverage for damages caused by wind, such as those caused by hurricanes.
How It Works
Flood insurance is a specific type of insurance that is different from the basic coverage provided by homeowners insurance. While homeowners insurance may cover interior water damage, it typically does not cover damage caused by floods. Therefore, property owners in flood-prone areas usually need to obtain separate flood insurance.
Flood insurance operates similarly to other insurance products. The property owner pays an annual premium based on the flood risk of the property and the deductible they choose. If the property or its contents are damaged or destroyed by flooding caused by external factors such as rain, snow, storms, or infrastructure failures, the homeowner is covered. They will receive financial compensation to repair the damage or rebuild the structure, up to the policy limit.
Unlike homeowners insurance, flood insurance requires separate policies to cover the dwelling and its contents. Additionally, a separate coverage rider is necessary to cover sewer backup if it is not caused by the rising floodwaters.
Flood Insurance Cost in 2023 – USA
According to a nationwide survey of NFIP rates, the average cost of flood insurance through the NFIP is $995 per year.
| STATE | ANNUAL COST |
|---|---|
| Alabama | $732 |
| Alaska | $947 |
| Arizona | $767 |
| Arkansas | $964 |
| California | $904 |
| Colorado | $997 |
| Connecticut | $1,498 |
| Delaware | $754 |
| Florida | $624 |
| Georgia | $732 |
| Hawaii | $680 |
| Idaho | $809 |
| Illinois | $1,124 |
| Indiana | $1,159 |
| Iowa | $1,206 |
| Kansas | $1,051 |
| Kentucky | $1,176 |
| Louisiana | $747 |
| Maine | $1,128 |
| Maryland | $629 |
| Massachusetts | $1,308 |
| Michigan | $1,074 |
| Minnesota | $996 |
| Mississippi | $841 |
| Missouri | $1,237 |
| Montana | $889 |
| Nebraska | $1,077 |
| Nevada | $799 |
| New Hampshire | $1,094 |
| New Jersey | $960 |
| New Mexico | $966 |
| New York | $1,273 |
| North Carolina | $751 |
| North Dakota | $830 |
| Ohio | $1,226 |
| Oklahoma | $991 |
| Oregon | $968 |
| Pennsylvania | $1,390 |
| Rhode Island | $1,452 |
| South Carolina | $630 |
| South Dakota | $1,109 |
| Tennessee | $986 |
| Texas | $669 |
| Utah | $733 |
| Virginia | $805 |
| Vermont | $1,610 |
| Washington | $991 |
| West Virginia | $1,337 |
| Wisconsin | $1,071 |
| Wyoming | $1,082 |
| AVERAGE | $995 |
Conclusion
The decision of whether or not to get flood insurance depends on various factors, primarily if your property is located in a high-risk flood zone. Nevertheless, floods can happen anywhere. Your home can get flooded even if you don’t live near water, for example, due to storms, melting snow, or clogged drainage systems. Remember that if you want to safeguard yourself from the expenses of flood damage, you’ll have to purchase a separate policy alongside your homeowners insurance.