Standard property policies including but not limited to homeowners policies, dwelling policies, or commercial property insurance policies exclude coverage for flooding events. The National Flood Insurance Program (NFIP) definition of flooding is a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or two or more properties (at least one of which is yours) from one of the following:
- Overflow of inland or tidal waters.
- Unusual and rapid accumulation or runoff of surface waters from any source.
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.
The NFIP is a federal program that offers maximum limits (on a personal policy) of $250,000 for the dwelling and $100,000 for personal contents. Excess flood coverage may be purchased if higher limits are needed.
For more information on the flooding, flood risks and the NFIP, please visit www.floodsmart.com.