Do Renters Need Flood Insurance?

The basic renter's insurance policy protects your personal property against some types of water damage but not against flood damage caused by weather systems. For instance, unintentional or unexpected water damage may be covered by the renter's insurance, while water damage caused by hurricane floods would not be covered. Renters must acquire a separate flood insurance policy to safeguard their items.

What Does Renters' Flood Insurance Cover?

There are two types of flood insurance policies: those that cover the structure and those that cover your personal belongings. For renters, it is necessary to acquire flood insurance coverage covering the rental's belongings. Landlords should have a flood insurance policy already in place to safeguard the structure of the building. However, note that it will not cover your personal belongings.

How Do I Acquire Flood Insurance?

You can acquire flood insurance through FEMA's National Flood Insurance Program by contacting your insurance agent, who can draft a policy directly with the NFIP. There are presently 80 insurance firms that are partners with NFIP. Therefore there is a good chance that the company from which you acquire renters insurance also offers flood insurance. In addition, to qualify for an NFIP-backed flood insurance policy, your community must be a member of the NFIP; nevertheless, nearly all communities near bodies of water are members.

How Much Does Renters' Flood Insurance Cost?

According to FloodSmart, the cost of flood insurance for renters depends on several factors:

• Flood risk
• The type of protection you are acquiring (for renters, you will just need personal property coverage)
• Amount deductible
• Location of the rental property
• Architecture and age of your building
• The building's elevation level

The National Flood Insurance Program (NFIP) provides $100,000 in coverage for your personal belongings, as the structure coverage is the landlord's obligation. This means that you might anticipate paying less for flood insurance than homeowners. There is a pricing range of $150 to $900 per year for policies that cover the contents solely.

Is Renters' Flood Insurance Required?

Food insurance is not needed for renters, but if you live in a flood zone or an area that frequently suffers windstorms such as hurricanes, tropical storms, or high rainfall that might cause flooding, you may want to consider getting a policy. Input your address into FEMA's map of flood zones to determine if you live in a flood zone.

What Does Renters Flood Insurance Not Cover?

The regular renter's insurance policy provides protection for liability coverage and additional living expenses, so there's no need to worry about renter's flood insurance. In addition, renters' flood insurance does not cover sewer backup or water backup. For instance, your flood insurance coverage would not protect you if your sump pump overflowed. You would be required to buy a water backup endorsement.