Renters flood insurance doesn’t offer liability coverage or additional living expenses. What Isn’t Covered By Renters Flood Insurance? To see if you are in a flood zone, check out FEMA’s flood zone map by inputting your address. But, if you live in a flood zone or in an area that experiences various windstorms frequently such as hurricanes, tropical storms, or even heavy rainfall that can lead to flooding, then you might want to consider purchasing a flood insurance policy. Is Flood Insurance Required?įlood insurance isn’t required for renters. For content-only flood insurance policies, prices can range from $150 to $900 per year. This means you can expect to pay less for flood insurance when compared to homeowners. NFIP provides $100,000 worth of coverage for your personal items, as you do not need to worry about the structure coverage because that is your landlord’s responsibility. The type of coverage you are purchasing (for renters you will just need personal property coverage).How Much Does Flood Insurance Costs?Īccording to FloodSmart, the costs for renter’s flood insurance is based on various factors: Additionally, to qualify for an NFIP backed flood insurance policy your community must be a member of the NFIP, though almost all towns near bodies of water are members. As of now, there are currently 80 insurance companies that partner with NFIP, so there is a high possibility that the company you purchase renters insurance with will likely carry flood insurance policies as well. You can purchase flood insurance through FEMA’s National Flood Insurance Program by calling your insurance provider, who can write a flood insurance policy directly with the NFIP. Your landlord should have a flood insurance policy in place to protect the structure of the property, but it won’t cover any losses to your possessions. For renters, you will only need to purchase a flood insurance policy that protects the contents inside your rental. There are two types of flood insurance policies available, those that protect the structure and those that protect your personal possessions. What Does Flood Insurance Protect for Renters? Renters would need to purchase a separate flood insurance policy to ensure their personal belongings are protected. For example, water damage that is accidental or sudden may be covered under renter insurance, but water damage that was caused by flooding from a hurricane would not be covered. The standard renters insurance policy protects some types of water damage to your personal property, but it doesn’t protect against flood damage due to weather systems.
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