Commercial and residential real estate owners should consider purchasing flood insurance, even if the property is not in a high-risk or flood-prone area. Floods can occur at almost any location from events such as a fast, heavy rainfall; blocked storm drain; or an overflowing stream.
Flood insurance generally covers your home and its foundation; plumbing and electrical systems; central air and heating systems; cabinets; and a detached garage. Some policies also will cover personal belongings, such as clothing and furniture.
Flood insurance is typically not included under standard homeowners’, renters’ or commercial property insurance policies.
Flood insurance is generally purchased through the National Flood Insurance Program, administered through the Federal Emergency Management Agency (FEMA) or private insurers.