Homeowners Now Have a Cheaper Option for Flood Insurance
Homeowners Now Have a Cheaper Option for Flood Insurance
Private flood insurance has been around only since 2019.
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For decades, there was little choice when it came to buying flood insurance: All policies were written by the federal National Flood Insurance Program.
Now private policies offer a second option that, despite a few drawbacks, provides flood coverage that can be less expensive for many homeowners.
Private policies aren’t perfect. For one, they’re less dependable than federal policies. Where the NFIP guarantees renewal of its policies, a private insurer may elect not to renew a policy or even to cancel it.