North Carolina Flood Insurance
– The Ultimate Guide

Table of Contents

Flood Insurance is one of the most confusing types of insurance.  

In most parts of the country, your home is more likely to suffer a loss as a result of flooding than fire.

However, most homeowners are unsure if they should purchase Flood Insurance simply because their mortgage company does require it.

Do A Google Search for “flood insurance nc” and you will see search results from Government Entities and LARGE insurance companies. None of these results actually does much to answer your questions!

We hope this Flood Insurance Resource will help guide you to making the best decision for you and your family.

But before we get started, it is important to understand WHAT is considered a “Flood”.

What Is The Standard Definition Of A Flood?

FEMA (Federal Emergency Management Association) defines FLOOD as follows:

  • A general and temporary condition of partial or complete inundation of 2 or more acres of normally dry land area or of 2 or more properties (at least 1 of which is the policyholder’s property) from:
    • Overflow of inland or tidal waters;
    • Unusual and rapid accumulation or runoff of surface waters from any source; or
    • Mudflow; or
  • Collapse or subsidence of land along the shore of a lake or a similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.

Flood Insurance Basics

There’s a good chance that your homeowners or renters insurance policy specifically excludes losses caused by flooding. Flooding is unpredictable and can happen anywhere.

If your property is damaged by a flood and you don’t have insurance coverage, you could be on the hook for an average of almost $40,000. This article will give you the BASICS OF FLOOD INSURANCE

Am I In A Flood Zone?

“Am I In A Flood Zone?” This is a question we hear quite often. This article should help shed some light on the topic.

In case you were wondering what the answer actually is…

EVERYONE is in Flood Zone, so let’s learn a little more about FEMA Zones.

What Does Flood Insurance Cover?

Flood Insurance Covers your home & personal contents for loss caused by Flooding and more…

According to Chapter 11 of FEMA’s Reducing Damage from Localized Flooding: A Guide for Communities, insurance payments don’t only cover flood damage, but they can also be used to cover a portion of mitigation costs. This Article gives you an in-depth look at what Flood Insurance Covers

Do I Need Flood Insurance?

Flooding can happen anytime and anywhere. The fact is EVERYONE LIVES IN A FLOOD ZONE. Certain areas are also more prone to flooding, causing significant damage to homes and the surrounding environment.

If you want to protect your home and its contents in the event of a flood, you need to have flood insurance. This article goes into detail to answer the question “Do I Need Flood Insurance?”

How Much Does Flood Insurance Cost?

The average cost of flood insurance is $700, but the amount may change according to your home’s location and the materials used to build it. 

This article will detail how Flood Insurance Rates are determined, and help you find ways to save on flood insurance cost.

FEMA Risk Rating 2.0

The Federal Emergency Management Agency (FEMA) declared that it is using a new risk rating system to reform the pricing scheme of the National Flood Insurance Program (NFIP). FEMA reports that this system, being called “Risk Rating 2.0,” will provide more information and adjustments regarding flood risk. By doing this, Risk Rating 2.0 will clarify policyholders’ flood risks more transparently and provide more precise and impartial premium rates.

FEMA Flood Insurance

Since 1963, the FEMA National Flood Insurance Program has provided coverage for flood damages. FEMA flood insurance has served as a financial buffer to those who have suffered from flood losses and home damage. 

In this article, we will talk about FEMA flood insurance. We will also go through how to apply for your FEMA flood insurance policy.

Private Flood Insurance Vs NFIP

In the United States, you can get two types of flood damage insurance. You can opt for a plan provided by the private sector or by the National Flood Insurance Program (NFIP). 

Private flood insurance and NFIP flood insurance can cover your losses after a flood. In this article, you will learn the differences between the two.