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Flood Insurance For Renters

If you are a renter, you may think that your renters insurance policy will cover flood losses, but this isn't always the case. You would need to purchase a separate flood insurance policy for renters to cover for flood damage to your personal property. Many people are surprised to learn this!  And with flooding being one of the most common natural disasters in the United States, its important to know!  Did you know that more than 25% of all flood claims originate from policies on rented properties. That's why it's so important for renters to understand the need for renters insurance with flood coverage.


What Is Flood Insurance for Renters?

When it comes to renters insurance and floods, flood insurance for renters helps protect your belongings from water damage caused by floods due to excess rain, storm surge, melting snow, and dam breakage. While most standard renters insurance policies do not cover flood damage, you can purchase separate renters insurance for flood coverage through the National Flood Insurance Program (NFIP) or private flood insurance companies.

There are two categories of apartment flood insurance policies that cover the structures and the contents. If your landlord has flood insurance, it will only cover the building itself - not your belongings inside. That's why it's so important to have flood insurance for apartment renters policy in place.


What Does Renters Insurance with Flood Coverage Cover?

When your Apartment is flooded, renters insurance typically helps pay for damage to your personal belongings – if you have the flood coverage for renters. It can also help cover the cost of temporary housing if your home becomes uninhabitable due to flooding. It's important to note that this type of coverage does not replace the need for standard renters insurance.


Flood Insurance For RentersWhy Renters Need Flood Insurance

  • A renters insurance policy doesn't include coverage for your personal belongings in the event of a flood. Flood damage is one of the most expensive and pervasive losses making it impossible for the renters insurance to cover.
  • The landlord's insurance doesn't cover your personal belongings either. It only covers the structure.
  • Minor floods can result in severe damage. Based on FEMA’s findings, one inch of flood can result in more than $20,000 in building damage and $3,000-$6,000 in content damage.


How To Determine If You Require Flood Insurance for Renters

You can take some simple steps to determine if you live in a high-risk area for flooding. The first step is to check the FEMA flood maps to see if your community is considered at high risk. You can also contact your local planning or building department to see if there are any floodplain regulations requiring you to purchase flood insurance.


How Much Does Renters Flood Insurance Cost?

The cost of flood insurance for renters can vary depending on several factors, including the amount of coverage you need and the deductible you choose. Rates also differ depending on whether you live in a high-risk flood area.

For example, the average annual premium for $50,000 worth of contents coverage with a $500 deductible is about $350. However, your premium could be as much as $875 per year if you live in a high-risk area.


Conclusion on Flood Insurance for Apartment Renters

Check out the National Flood Insurance Program guide for more information on flooding and renters insurance. You can also visit FEMA's website to learn about flood maps and risk levels in your area. If you would like to compare flood insurance quotes from FEMA and other top rated private flood insurance companies, click the button below.  Compare flood insurance quotes, and choose the best policy for you – you could save thousands!

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