Flood Insurance

Your homeowner or renter's insurance policy may not cover losses caused by flooding.


If your home has plumbing fixtures or floor drains below the street level, your basement can flood. Water damage from heavy rain storms, snow melt or sewer backups are most often not covered by the homeowner's policy, but it may be covered by flood insurance. Even if you do not live in a FEMA designated Flood Zone, it might be a good idea to get flood insurance. Approximately 25% of flood-related claims are for homes outside of a FEMA designated flood zone.

A typical flood insurance policy does not go into effect for 30 days after application and premium payment, therefore it should be purchased before you need it. (See exceptions below under Resources.) Contact your insurance agent for additional information.

If your home is in a flood zone (also called a flood plain), your mortgage lender will require flood insurance. Flood zones are mapped by the Federal Emergency Management Agency (FEMA). To find a map of flood zones, go to the FEMA website.

National Flood Insurance Program

The City of Minneapolis participates in the National Flood Insurance Program (NFIP), which means that all residents are eligible to purchase flood insurance from the Federal Government.

Cost of flood insurance

You can buy flood insurance through most insurance companies. The annual cost for flood coverage can vary from as little as $200, up to $2,000, depending on what FEMA designated flood zone you live in. Coverage for household contents is separate, so renters can also purchase flood insurance.

Federal Disaster Areas

A Federal Disaster Area is an area declared by the President of the United States to be eligible for federal assistance under the Disaster Relief and Emergency Assistance Act. Generally, you should be aware that:

  • Fewer than half of all flooding incidents result in a Presidential declared disaster.
  • Persons in a Federal disaster area are eligible for low cost loans – not grants.
  • Yearly flood insurance premiums are less than the interest on a Federal disaster loan.

Resources

Click here to access the FEMA publication Top 10 Facts For Consumers about the National Flood Insurance Program (NFIP)

These sites will also provide information about flood insurance and related topics:

Disclaimer: The information on this page is merely a summary of flood insurance information. For more information, you can check these websites, or contact your insurance agent.