Flood insurance covers direct physical damage to insured property up to the "replacement cost or actual cash value of the damages or the policy limit liability, whichever is less," according to an NFIP bulletin. Credit: On-Air/Adobe Stock
A common misconception policyholders carry is that a standard home policy will cover them in the event of a flood. They typically do not, which makes for a huge oversight as the Federal Emergency Management Agency reported that from 1996-2019 nearly all (99%) of U.S. counties were affected by flooding.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
