Everything You Need to Know About Flood Insurance in Georgia
Flood insurance may be required by your mortgage lender if your home is located in a high-risk flood zone.
Written by Claire Beaney
Reviewed by Melanie Reiff
If you reside in a FEMA-designated high-risk flood zone in
Georgia
and have a government-backed mortgage, you may be required to purchase a separate flood insurance policy.Damage caused by flooding is not covered by a basic home insurance policy. This is because flooding accounts for over 90% of all natural catastrophes in the United States and would
Despite this, only 27% of US homeowners carry flood insurance, according to a 2020 survey by the
Insurance Information Institute (III)
. Many folks are unaware that floods aren't protected by their existing home insurance until it's too late.Understanding how flood insurance works in your state is more critical than ever thanks to recent increases in major weather events. To help you out, the home and
auto insurance
super app Jerry
has gathered everything you need to know about flood insurance in the Peach State.Let Jerry find your price in only 45 seconds
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What is flood insurance?
Flood insurance is a type of insurance that covers financial losses from property damage caused by external flooding.
Your standard home insurance policy will cover some water damage from things like a burst pipe or power outage, but it will not cover you if your property or valuables are damaged in a flood.
For people in high-risk areas, purchasing a separate flood policy is the only way to prevent having to pay out of pocket for costly flood damages.
What does flood insurance cover?
There are two forms of flood insurance coverage: building coverage, which protects the structure of your house only, and contents coverage, which protects the stuff inside your house.
These policies together provide financial coverage for appliances, furniture, rugs, electrical and heating systems, jewelry, electronics, and other items—but the list is not comprehensive.
Flood insurance doesn’t cover every item in your home—or every kind of flooding. Sewer backups that are not caused by vast flooding (two or more acres or several properties) will not be covered.
Money, cars, all property stored in basements, and additional living expenses incurred due to a flood also won’t be reimbursed.
Here's a more extensive summary of what each sort of insurance covers (and does not cover):
Type of coverage | What it covers | What it doesn’t cover |
|---|---|---|
Building | Electrical and plumbing systems, Water heaters and furnaces, Large appliances like dishwashers or fridges, Permanent bookcases, cabinets, and paneling, Permanently installed carpets, Window blinds, Foundational walls, staircases, and anchorages, Detached garages, Fuel tanks, solar panels, and well water tanks/pumps | Decks and patios, Pools, Fences and landscaping |
Contents | Clothing, Furniture, Electronic equipment, Curtains, Washing machine and dryer, Portable air conditioners, including window units, Carpets not included in building coverage, Valuables like artwork up to $2,500 | Valuable papers, Currency, Anything stored in a basement |
MORE: Does home insurance cover flooded basements?
Do you need flood insurance in Georgia?
In short: it depends. There is no federal or state mandate requiring all homeowners to get flood insurance.
However, flood insurance is required to obtain a federally-backed mortgage if you live in a high-risk flood zone as determined by FEMA. Private mortgage lenders may also require you to get flood insurance in some cases.
The Federal Emergency Management Agency (FEMA) manages the
National Flood Insurance Program (NFIP)
, which provides flood insurance to homes based on FEMA's assessment of their risk. While you can contact the NFIP to get a policy, the actual plan will be issued by a commercial business such as Allstate
or Farmers
Insurance.You don't need a mortgage lender mandate to purchase flood insurance—you don't even have to be in a FEMA-designated high-risk area to qualify!
Flood insurance is available to anybody, and it's a smart idea for all homeowners. In fact, residents outside of FEMA's designated high-risk flood zones file more than 40% of NFIP claims.
To get an NFIP-backed flood insurance policy, you must live in one of Georgia's participating communities (listed in
this FEMA guide
). If your town isn't on the list, you can still purchase flood insurance from a private provider such as Neptune or FloodSimple.What flood zones require flood insurance in Georgia?
Georgia homeowners who own property in a flood zone with a letter grade beginning with A or V are subject to flood insurance purchase requirements. This is because these areas have a 26% probability of flooding during a 30-year mortgage.
If you live in a flood zone classified as B, C, D, or X, your flood risk is lower (though not nonexistent!), and you usually aren't obligated to buy flood insurance.
Key Takeaway If you live in a high-risk flood zone (letters A or V) and have a federally-insured mortgage, you'll need to buy flood insurance.
How much does flood insurance cost in Georgia?
The nationwide average cost of flood insurance is $739 per year, but the average flood insurance policy in Georgia is only about $694 per year.
However, in October 2021, the NFIP implemented a new pricing methodology known as Risk Rating 2.0. As of April 2022, around 23% of flood insurance rates nationwide will decrease, but approximately 7% of Georgia policies are expected to increase by at least $10 per month.
The cost of your flood insurance coverage will vary depending on where you live, the size and type of structure you're protecting, the age of the property, and other factors.
Residential customers have coverage limits of $250,000 for building coverage and $100,000 for contents coverage. Your policy's deductible limit may also be set by your provider.
MORE: How much water damage will total a car?
How to save money on flood and auto insurance in Georgia
You can save money on flood insurance in Georgia by doing the following:
- Choosing a higher deductible
- Selecting contents-only coverage
Keep in mind that flood insurance does not cover vehicle damage. Download the
Jerry
app to find the right car insurance that can keep your ride protected in the event of a flood.A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and can even help cancel your old policy. Even better—Jerry will help you bundle your home and auto policies for maximum savings!
Basically, you get all of the savings and coverage, with none of the hassles.
“Jerryis a great product with great customer service! The quote comparison found me lots of options being in Georgia.” —Gregory K.
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