Flood damage is not covered by home, renters, or business insurance policies. Unfortunately, nearly 165,000 properties in this state have a significant risk of sustaining serious flood damage over the next 30 years.
To be protected against financial losses related to this risk, 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 carry a mortgage, your lender is likely to require you to have a flood insurance policy. Otherwise, this coverage is optional. It is worth noting that the average payout per approved flood claim in Maryland is $22,200.