Homeowners, renters, and business insurance policies specifically exclude coverage against flood damage. Unfortunately, more than 255,000 properties in this state are at risk for sustaining significant flood damage over the next 30 years.
To be protected against financial losses related to overflow events, you can supplement your coverage with a flood insurance policy. Affordable policies are available through the National Flood Insurance Program (NFIP), a program administered by FEMA.
If your property is located in a flood zone and you have a mortgage, your lender will require you to have a flood insurance policy. Otherwise, this coverage is optional. When deciding whether or not to purchase a policy, consider that the average compensation per flood claim in Kentucky is $17,300.