Nearly all homeowners, renters, and business insurance policies exclude coverage for flood damage. Fortunately, only around 15% of all properties in this state are at risk of sustaining significant flood damage over the next 30 years.
If your property is among the more than 70,000 at 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, for those who live in NFIP-participant neighborhoods. Policies can also be purchased through commercial providers.
When deciding whether or not to purchase a flood insurance policy, consider that the average compensation per flood claim in North Dakota is $24,000. Flood policies take 30 days to go into effect, so do not wait until heavy rains are imminent to purchase your coverage.