Flood Insurance

NC Flood Insurance

North Carolina is no stranger to flooding. In fact, every single county in the state has had at least two major flood disasters since 1950, either from overwhelmed waterways or hurricane surge. Even so, the vast majority of North Carolina residents have no insurance protection from the financial fallout of a flood. You can protect your home with flood insurance from the National Flood Insurance Program, available through Wagoner Insurance.

What Does NC Flood Insurance Cover?

NFIP coverage provides up to $250,000 to repair or rebuild your home or workplace after a flood. This covers:

  • Single-family homes
  • Condominiums
  • Manufactured homes attached to a foundation
  • Commercial buildings

Flood insurance covers the structure and foundation of your home or building, and can sometimes also cover your personal possessions. Flood insurance does not cover internal or man-made flooding, such as broken pipes or sewer backups.

Do I need Flood Insurance?

While your homeowners or business insurance might pay to replace some of your belongings after a flood, it will not pay for structural damage caused by flooding. Many homeowners believe that federal aid programs will cover the cost of rebuilding if they are hit by a flood. But on average, only 50 percent of floods in North Carolina are eligible for federal aid. If you are able to get funding from FEMA, it usually comes in the form of an interest bearing loan, which tends to be much more expensive than an annual flood insurance policy premium.