![]() If the policy is from NFIP, the rates will be identical no matter where you purchase it. How Flood Insurance Worksįlood policies are sold through licensed insurance agents. One can also find coverage on the private flood insurance market. One can purchase flood insurance through the National Flood Insurance Program (NFIP), a federal program created by FEMA in 1968. No state or federal government agency requires property owners to maintain flood insurance at a property if there’s no mortgage. Still, many homeowners sleep better at night knowing they’ve mitigated the risks of flood damage. Properties in a “100-year flood zone” can (and do) flood two or three years in a row.ĭo You Need Flood Insurance if You Own a Home Outright?.Instead, there is a 1 in 100 chance this property will experience a flood every year. ![]()
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