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What is flood insurance, and why do you need it? | CNN Business

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Massive amounts of rainfall triggering floods in the Northeast are a deadly reminder of the importance of flood insurance. But while the policies can be vital, flood insurance is still poorly understood and often passed over. Here's what you need to know.

But only four property owners in the entire town have active flood insurance policies. That’s according to the most recent data from the Federal Emergency Management Agency , which runs the program. That means the overwhelming majority of homeowners cleaning up from the flood are discovering that their homeowners policies will not compensate them for the damage caused by the massive storm.

flood insurance enough? Under flood insurance, but those living in higher risk areas may be required to purchase a plan. For example, much of Miami is considered a Special Flood Hazard Area. In those places, flood insurance is mandatory for any property owner with a federally backed mortgage. However, there are many people living in flood zones or areas with moderate risk who either choose not to get flood insurance or opt to let their policy lapse.

designates as a ‘Special Flood Hazard Area,’” said Lightbody. Should I get flood insurance? According to

 

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