The coverage becomes effective at the time of the loan, provided application and payment of premium is made at or prior to loan closing. In addition, you cannot increase the amount of insurance coverage you have during a loss in progress. Homeowner's insurance policies cover flooding. Unfortunately, many homeowners do not find out until it is too late that their homeowner's policies do not cover flooding. National flood insurance protects your most valuable assets-your home and belongings.
Flood insurance is only available for homeowners.
Flood insurance is available to protect homes, condominiums, apartments and non-residential buildings including commercial structures. You can't buy flood insurance if your property has been flooded. It doesn't matter how many times your home, apartment or business has flooded. You are still eligible to purchase flood insurance, provided that your community is participating in the NFIP . Only residents of high-risk flood zones need to insure their property.