Residential Flood Insurance

What is Residential Flood Insurance

Residential flood insurance covers damage to homes caused by rising water. Events such as torrential rain, snowmelt, mudflow, dam failures, and inadequate drainage systems can all cause flood losses. It’s important to note that floods caused by inadequate drainage systems are only covered if the backup is a direct result of flooding. If the sewer backup is not caused directly by flooding, the damage is not covered.

Flood insurance should be a consideration for all homeowners regardless of where they live. Remember, “low risk” does not mean “no risk” – almost 25% of all flood insurance claims come from areas with minimal flood risk.

Risk Rating 2.0: How Flood Insurance Premiums Are Determined

With the new Risk Rating 2.0, FEMA now has the ability and tools to address rating differences by incorporating more flood risk variables, such as flood frequency and multiple flood types, as well as property characteristics, such as elevation and the cost to rebuild. Risk Rating 2.0 allows you to get an individualized rate based on the flood risk for your property.

Flood Insurance Coverage

Single and 2-4 Family Homes

Basic building coverage is available up to $250,000. It pays to repair or replace the insured building and its:

  • Foundation
  • Electrical and plumbing systems
  • Central air conditioning
  • Furnaces
  • Water heaters
  • Refrigerators*
  • Stoves*
  • Built-in appliances*
  • and most permanently installed items in your home. For more details, see*

*There are some exclusions based on building type, so discuss the coverage with your agent.


(not automatically included in a Residential Flood Policy)

Contents coverage provides payment for the contents and personal belongings within your home or an enclosed building on your property, that meets the NFIP description of a building. Content coverage includes clothing, furniture, most electronic equipment, curtains, portable appliances, and some appliances such as washers and dryers and stand-alone freezers. It is available for up to $100,000. There are some exclusions, so discuss this coverage with your agent. We highly recommend adding this coverage to your flood policy.

There is a mandatory 30-day waiting period on new flood policies with a few exceptions like a loan closing or a recent flood hazard map change.

Choose a Reputable Insurance Provider

Bankers is an authorized carrier for the National Flood Insurance Program (NFIP). With over 45 years of experience, we have the expertise to address your flood insurance needs. So why not choose a company that will provide the exceptional customer service you deserve?

We have partnered with several companies to grant access to their private and excess flood products recognizing that the National Flood Insurance Program policy might not suit everyone’s needs. If the property meets the company’s eligibility requirements, these options will be available during the quoting process. Your agent can provide you with all options to see what works best for you.

*Bankers is not affiliated with the Private and Excess Flood Companies, policies will be issued, serviced, and claims will be handled by the issuing company, not Bankers Insurance.

Florida Residents: Mandatory Flood Insurance Changes for Citizens Policyholders

To comply with Senate Bill 2-A, passed by Florida legislators during the December 2022 Special Session, all existing Citizens personal residential policies renewing on or after July 1, 2023 – that include wind coverage and are located in the special flood hazard area as defined by the National Flood Insurance Program (NFIP) – are required to have flood insurance. Learn more about the requirements for Citizens Policyholders.