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Did You Know... Flood insurance is mandatory in high-risk areas on a mortgage from federally regulated or insurance lenders.


Flood Facts

Flood Costs

 

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  • Everyone lives in a flood zone.
    (For more information, visit our Flood Zones FAQs.)


  • Most homeowners insurance does not cover flood damage.


  • If you live in a Special Flood Hazard Area (SFHA) or high-risk area and have a Federally backed mortgage, your mortgage lender requires you to have flood insurance. (To find your flood risk, fill out the Flood Risk Profile to the left.)


  • It only takes one inch of water to cause costly damage to your property.


  • Flash floods have the capability of producing walls of water between 10 to 20 feet high.


  • It only takes a few feet of water to carry away and float a vehicle.


  • Hurricanes, winter storms and snowmelt are common (but often overlooked) causes of flooding. Severe droughts during dry seasons can actually cause more intense flooding when the rains start to come in.


  • New land development can increase flood risk, especially if the construction changes natural runoff paths.


  • Hurricane Ike (September 13th, 2008) caused an estimated $30 Billion in damage and has been considered one of the most deadliest hurricanes to hit the State of Texas.


  • If you happen to live in a low-to-moderate risk flood zone and are eligible for the Preferred Risk Policy, your flood insurance premium could be as low as $129 a year, which includes coverage for your propertyís contents.


  • You are eligible to purchase flood insurance as long as your community participates in the National Flood Insurance Program.
    Check the Community Status Book to see if your community is already an NFIP partner.


  • In many cases, it takes 30 days after the purchase for a policy to take effect, so itís important to buy insurance before floodwaters start to rise.


  • Your home has a 26% chance of being damaged by a flood during the course of a 30-year mortgage, compared to a 9% chance of fire.


  • Last year, one-third of all claims paid by the NFIP were for policies in low-risk communities.


  • The average annual U.S. flood losses in the past 10 years (1994-2004) were more than $2.4 billion.


  • When your community participates in the Community Rating System (CRS), you can qualify for an insurance premium discount of up to 45%.
    Read more about CRS Ratings.


  • More than $16 billion was awarded by the NFIP in flood claims.


  • Since 1978, the NFIP has paid $31.4 billion for flood insurance claims and related costs (as of 3/31/06).


  • More than 5 million people currently hold flood insurance policies in more than 20,200 communities across the United States

For more policy and claim statistics, visit the National Flood Insurance Program.

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