Basics
Definition of Flood
An overflowing of water onto land that is normally dry
What are high risk areas?
Areas where floods are more likely to damage property
On average, how much does flood insurance cost?
Around $700 a year (will vary based on risk level)
What is flood insurance for?
For the protection of owner's homes and contents in case of damage from a flood
What happens to rates of flood insurance in high risk areas?
The rates increase
What is the average cost of flood insurance in Maryland?
Around $617
Who provides flood insurance?
The NFIP (National Flood Insurance Program)
True or False
Government-backed mortgages in high-risk areas are required to have flood insurance
True
How much damage can 1 inch of floodwater cost?
Up to $25,000
What does FEMA stand for?
Federal Emergency Management Agency
What percent of NFIP's claims come from low-moderate risk areas?
25%
How much does flood insurance cover for homeowners?
Up to $250,000 of flood damage
What does FEMA do?
Manages the NFIP and helps protect against, respond to, recover from, and mitigate various amounts of natural hazards
What are the chances of a home flooding in high risk areas (over the course of a 30 year mortgage)?
1/4
How much does NFIP cover for personal belongings?
Up to $100,000