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Understanding private flood insurance options

Insurance agents can use these seven questions to guide a discussion with their clients about private flood insurance options.

By John Dickson | Updated on November 17, 2017
Teddy bears damaged by floodwaters lie in a pile a debris outside a home that was flooded in the aftermath of Hurricane Harvey Sept. 4, 2017, in Houston. (AP Photo/David J. Phillip)

Although the 2017 hurricane season officially ended on Nov. 1, for many across the United States, the risk of flooding is not over. With heavy rains or snow, lakes, creeks and rivers may flood, causing damage to locations that never expected to have to deal with the problem. 

Choosing flood insurance used to be a relatively simple decision. Property owners had two options: no insurance or one-size-fits-all, government-issued insurance through the National Flood Insurance Program (NFIP). Now, there are more choices. Private flood insurance is growing more robust, bringing new and relevant options that were never available before, such as coverage for additional living expenses, enhanced basement coverage and increased limits for various risk classes.

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