This article originally ran on UrbanTurf in May 2018.
The District's location along two rivers and their confluence practically makes flooding a certainty. Given that, UrbanTurf explains in this article how DC-area residents can go about securing flood insurance.
Most homeowners' and renters' insurance policies do not cover flooding. The largest flood insurance policy provider is the federal government, via the National Flood Insurance Program (NFIP), and insurance companies are middle-men for NFIP policies. This is the case in DC and throughout most of Maryland and Virginia.
The NFIP calculates your flood insurance premium based on a variety of factors, the most important being a property's proximity to the floodplain. Premiums are standardized across providers and are determined by Federal Emergency Management Agency's (FEMA) Flood Insurance Rate Map, which one can search by address.
Properties in high-risk flood areas, within the 100-year floodplain, require flood insurance of all mortgagees; in areas of low-to-moderate risk, or if a mortgage doesn't apply, such insurance is optional. Those who purchase insurance in optional zones can secure Preferred Risk Policies with lower premiums.
One can purchase a General Property Policy, which can cover five or more residential or non-residential buildings; a Residential Condominium Building Association Policy, which covers condos and townhouses; or a Standard Flood Insurance Policy, which is most commonly utilized and covers up to four individual units in multi-family buildings and single-family homes. The latter category offers either building property coverage of up to $250,000 or personal property coverage of up to $100,000; one can also purchase both.
Personal property policies can carry premiums as low as $60; one can opt to cover either the replacement cost of belongings or the actual cost of belongings factoring in depreciation. On average, annual premiums for plans with building coverage tend to be in the $400-$500 range. Contact your preferred insurance provider for a quote — and be sure to look up whether your home is in a high-risk area.
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area-residents-guide-to-flood-insurance/14041.
Most Popular... This Week • Last 30 Days • Ever
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First-Timer Primer, we look into the question of how to determine ... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
In this edition of First Timer Primer, we take a closer look at what you are actually... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
A recent transaction shows that the housing market isn't cooling off everywhere.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro