What is covered by flood insurance, and how much does it cost?

Any homeowner can get insurance under the FEMA-backed NFIP, even if their property is located in a floodplain. Through the Write-Your-Own (WYO) Program, dozens of insurance firms collaborate with the program, or you can obtain a policy directly from the program.

Although some carriers resell policies under their own brands, they are nonetheless subject to the rates and coverage options established by FEMA and are underwritten by the NFIP.

Private insurance providers also provide flood insurance without the support of the NFIP. They are able to offer greater customization and larger coverage limits because they are not subject to the same rules. (They may choose not to insure a property that poses a high risk.)

Chubb provides flood insurance coverage for homes with a fair market value of at least $1 million if you live in an upscale neighborhood. In addition to up to $5,000 to assist with flood-proofing your house or moving your possessions in the event of a flood warning, you can receive up to $15 million in coverage for your home and goods.

Property and possessions that are not covered by NFIP-backed policies may also be covered by private flood insurance.

Neptune Flood Insurance offers up to $50,000 for external structure repair or replacement, up to $10,000 for basement item replacement, and up to $10,000 for pool cleaning and repair, in addition to up to $4 million in building coverage and $500,000 in personal property coverage.