The National Flood Insurance Program (NFIP), a federal initiative that assists communities in flood protection, ranks floods as the “No. 1 disaster in the United States,” causing billions of dollars in damages on an annual basis. The agency also notes the average flood insurance claim reached $42,000 between 2010 and 2014, and total claims were $3.5 billion annually on average between 2005 and 2014. Remember, damage to your home caused by flood waters is typically not covered by your homeowners policy. You’ll need a flood insurance policy through NFIP. Speak with your independent agent about your coverage options to make sure you have the right coverage if a flood occurs.
With these costs in mind, let’s take a look at some of the ways you can recover following a flood that damages your home: