Do I need flood insurance?

One of the most common — and expensive — misunderstandings in home insurance is assuming flood is covered by a standard policy. It isn't.

What counts as a flood

Generally, "flood" means rising water from outside the home — overflowing rivers, storm surge, heavy rainfall pooling, snowmelt. Water from a burst pipe is usually covered by standard homeowners insurance; water that comes in from outside isn't.

Who should consider flood insurance

• Anyone in a FEMA-designated high-risk flood zone (often required by your mortgage lender)
• Homes near rivers, coasts, or in low-lying areas
• Homes downhill from a lot of pavement, where runoff collects

Many flood claims actually come from moderate- and low-risk areas, so even if you're not in a high-risk zone, it can be worth pricing out.

Where to get it

The National Flood Insurance Program (NFIP) is the most common source, available through many agents. A growing number of private flood insurers also offer policies, sometimes with higher limits than the NFIP.

Waiting period

NFIP policies typically have a 30-day waiting period before coverage starts, so don't wait until a storm is in the forecast.