Can renters buy flood insurance?
Last updated: January 2024
Renters may be able to purchase a flood insurance policy, says the Federal Emergency Management Agency (FEMA). A renter's flood insurance policy may provide up to $100,000 in coverage for belongings damaged by flood, helping pay to replace items like furniture, electronics and clothing owned by the renter, for example.
To purchase flood insurance, your community must participate in the National Flood Insurance Program (NFIP). FEMA maintains a list of communities that are eligible for flood insurance. The cost of a renter's flood insurance policy may be based on a number of factors, including the age of the building, how many stories and occupants the building has, the property's flood zone and the deductible you choose, according to Floodsmart.gov. You'll likely find that flood insurance is less expensive if your rented home is at a low to moderate risk of flooding, Floodsmart.gov says.
A renter's flood insurance policy does not cover damage to the rented home or apartment. The landlord would need a separate flood insurance policy to help cover the physical structure of their rental property.
Doesn't renters insurance cover flood damage?
A standard renters insurance policy does not cover flood damage. Renters insurance helps protect your belongings from certain other risks, often referred to as perils. While renters insurance may help pay to repair sudden and accidental water damage in some situations, such as if your air conditioner or plumbing springs a leak, that coverage does not extend to flood damage. If your belongings are damaged by flood and you don't have a flood insurance policy, you'll need to pay out of pocket to replace them.
Your insurance provider can help answer your questions about flood insurance or help you purchase a flood insurance policy from FEMA.