Yet standard homeowners and renters insurance don’t cover flood damage, and most commercial property insurance policies also exclude floods. You can purchase a separate flood insurance policy from the National Flood Insurance Program (NFIP) or from a private insurer. How to Get NFIP Flood InsuranceThe NFIP, managed by FEMA, offers federally backed flood insurance sold through more than 60 insurance companies and through an initiative called NFIP Direct. Average Cost of Flood InsuranceThe cost of flood insurance varies according to several factors, such as the location and age of the insured structure. NFIP policies and private flood insurance policies do share some of the same rate-setting factors, such as flood risk and structural details.

Source: Forbes November 05, 2020 12:00 UTC