Definitions for "Flood insurance"
Typical homeowners policies do not cover flood damage. Flood insurance can only be obtained from an insurer that writes for the National Flood Insurance Program. If your community participates in NFIP's floodplain management program, your property should be insurable. Properties located in "coastal barrier resource system" (CBRS) areas and communities that do not participate in NFIP's programs may not be eligible for flood insurance. Flood insurance is also available for renters, condominium owners, homeowner associations, and co-op owners.
Flood insurance, like earthquake coverage, is usually only of interest to those relatively few whose property is exposed. Consequently, losses among this small group will be high and premiums can be prohibitive. However, in 1968 the Federal government stepped in to help property owners in designated "flood plains" with the National Flood Insurance Act of 1968. Coverage is not only available, but may even be required to obtain financing for exposed properties.
Hazard coveragethat is required in designated flood areas.
Keywords:  catastrophe, see
See Catastrophe/floods