The several types of flood insurance policies available include flood insurance for renters, commercial flood insurance, homeowners flood insurance and excess flood insurance. Flood insurance needs vary and depend on several factors such as the location’s flood risk, the value of the property being insured and if your lender requires it.
Depending on your location, you may also be eligible to purchase a National Flood Insurance Program (NFIP) plan. These flood insurance policies are backed by the federal government and can be purchased through private insurers or the NFIP Direct website.