Nearly half a million properties in New Jersey have a risk of sustaining significant flood damage over the next 30 years. Unfortunately, most homeowners, renters, and business insurance policies exclude coverage for damage caused by floods, even when the flooding is the direct result of a covered hurricane or storm.
The good news is that property owners in this state can protect themselves by supplementing their property coverage with flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP), a program administered by FEMA. An independent insurance agent can help you find the best plan for you.
Unless your property is located in a flood zone and you are still paying on a mortgage, flood insurance is optional. When deciding whether to purchase a policy, consider that the average compensation per flood claim in New Jersey is $37,600.