Flood Insurance is still somewhat of a mystery product – even within the insurance world. Most insurance agents only write a couple policies a year – so it is important for agents to stay educated on the ever-changing world of flood insurance, since it’s not something they touch every day. Let’s cover some myths that we often hear in the world of flood that are important for both home and business owners alike.

MYTH: Flood insurance is only available for homeowners.

Most people who live in NFIP participating communities, including renters and condo unit owners, are eligible to purchase federally backed flood insurance. A maximum of $250,000 of building coverage is available for single-family residential buildings; $250,000 per unit for residential condominiums. The limit for contents coverage on all residential buildings is $100,000, which is also available to renters. Commercial structures can be insured to a limit of $500,000 for the building and $500,000 for the contents. The maximum insurance limit may not exceed the insurable value of the property.

MYTH: You can’t buy flood insurance if your property has been flooded.

You are still eligible to purchase flood insurance after your home, apartment, or business has been flooded, provided that your community is participating in the NFIP.

MYTH: Homeowners and business insurance policies cover flooding.

Unfortunately, many home and business owners do not find out until it is too late that their homeowners and business multi-peril policies do not cover flooding. The NFIP offers a separate policy that protects the single most important financial asset, which for most people is their home or business. Homeowners can include contents coverage in their NFIP policy. Residential and commercial renters can purchase contents coverage. Business owners can purchase flood insurance coverage for their buildings and contents/inventory and, by doing so, protect their livelihood.There are many other myths floating around the world of flood insurance – feel free to check out https://franklinflood.com/flood-myths/ for some more information!

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About Cassie Dalmas

Cassie Dalmas is a licensed insurance agent in the state of Pennsylvania and is the VP of Business Development for Central Penn Insurance and Franklin Flood.


If you want to reach out to Cassie Dalmas (Field 1 Post Trusted Small Business Partner), please contact her by clicking here.

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