Residential Flood Insurance

What is Flood Insurance?

Flood insurance covers damage caused by rising water. Floods can happen anywhere, anytime–not just in coastal areas or near lakes and rivers. Torrential rain, snowmelt, mudflow, dam failures and inadequate drainage systems can all cause flood losses.

There are two types of flood policies: Preferred and Standard. The flood hazard zone you live in determines the type of policy you should buy. If your property is located in a low risk zone, you may qualify for a Preferred Risk Policy, making you eligible for coverage at a lower rate. Low risk policies start as low as $119.

Who Needs Flood Insurance?

The threat is real and flood insurance should be a consideration for all homeowners regardless of where you live. Remember, “low risk” does not mean “no risk”–almost 25 percent of all flood insurance claims come from areas with minimal flood risk. The average flood claim payment is $33,000. The federal government requires mortgaged properties in Special Flood Hazard Areas (SFHA) to be insured against flooding. And the rates are set by the government, so they are the same regardless of the carrier you choose.

Bankers is a Write Your Own (WYO) authorized carrier for the National Flood Insurance Program (NFIP).

Flood Insurance Coverage


Basic building coverage is available up to $250,000. It pays to repair or replace the insured building and its foundation, electrical and plumbing systems, central air conditioning, furnaces and water heaters, refrigerators, stove and built in appliances and most permanently installed items in your home. For more detail see*


Contents coverage is available up to $100,000. It is not automatically included in a flood policy. You need to add it, and we recommend that you do so. Contents coverage provides payment for the contents and personal belongings within your home. This includes things like clothing, furniture, electronic equipment, curtains, portable appliances and larger removable appliances such as washers and dryers. There are some exclusions, so discuss this coverage with your agent.

There is a mandatory 30 day waiting period on new flood policies with a few exceptions like a loan closing or a recent flood hazard map change.