Everything You Need to Know About Flood Insurance in Indiana

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Residents of Indiana whose homes lie in a FEMA-designated high-risk flood zone may be required to buy flood insurance if their mortgages are federally insured. 
Weather is unpredictable by nature, and according to the Environmental Protection Agency, the continual rise in average global temperatures will lead to increasingly severe storms. Indeed, nine of the top ten worst heavy precipitation events of the past 100 years have happened since 1980.
What this means for you is that the risk of flooding will only continue to increase for many parts of the country. Already over 90% of weather-related disasters in the United States involve some sort of flooding.
Despite (or rather, because of) the costly dangers associated with flooding, typical homeowners insurance policies do not cover flood damage.
Car insurance comparison super app Jerry is here to clarify what you need to know about flood insurance in Indiana. 
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What is flood insurance?

Flood insurance is separate from a normal homeowners insurance policy and specifically covers damages and loss from a severe weather-related flooding event. 
If you live in a flood zone or want to insure your home and property against flood damage, you must purchase flood damage coverage on top of your existing policy.

What does flood insurance cover?

A flood insurance policy typically offers two different kinds of coverage.
First is building coverage, which protects against damage to the physical structure of your home. Second is contents coverage, which covers the personal property located inside your home. 
This means you can receive coverage for things like electronics, furniture, rugs, clothing, jewelry, appliances, furnaces, and air conditioning units.
However, there are limits to what flood insurance covers. For example, flood insurance does not cover personal property located in basements, as this is the room most likely to be damaged first in a flood. 
It also does not cover your vehicle if it receives water damage in a storm. It is also important to know that you will not receive reimbursement for added living expenses because of flood damage (i.e., needing to pay for a hotel while the home is being repaired).
Take a look below to find a more detailed breakdown of what flood insurance does and does not cover:
Type of coverageWhat it coversWhat it doesn’t cover
BuildingElectrical wiring Water pipes and other plumbing systems Water heaters Furnaces Dishwashers, refrigerators, and similar appliances Mounted bookcases, cabinets, paneling Permanent carpets Window blinds Walls, staircases, and other foundational structures Detached garages Fuel, septic, and well water tanks along with associated pumps Solar panelsDecks Patios Swimming pools Fences Flower beds,rock walls, and similar landscaping
ContentsClothes and shoes Furniture and bedding Exercise equipment Electronics Curtains Washing machine and dryer Window AC units Any non-permanent carpets Artwork and valuable up to a $2,500 limitAny items located in a basement or similar subterranean area Cash Valuable papers or similar memorabilia

Do you need flood insurance in Indiana?

Answer: it depends on your situation.
Indiana does not require all homeowners to purchase flood insurance, though it still may be a good idea.
Indiana residents who meet both of the following criteria are required to purchase flood insurance:
  • You live in a FEMA-designated high flood risk area.
  • You have a mortgage from a federally backed or insured lender.
The Federal Emergency Management Agency (FEMA) oversees the National Flood Insurance Program (NFIP), which offers flood insurance to homeowners based on their level of risk as determined by FEMA. Although the NFIP manages flood insurance, the actual policy will come from a private company like Allstate or Farmers Insurance. 
However, you do not need to live in a FEMA-designated flood zone in order to purchase flood insurance. Anyone can buy flood insurance regardless of where they live.
Here’s how it works: if you live in a flood zone as defined by FEMA (check out this list to see if your house qualifies), you may purchase an NFIP-backed flood insurance policy. If you do not, you can still buy flood insurance, but you’ll have to go through a private company like Neptune or FloodSimple. 

What flood zones require flood insurance in Indiana? 

If you have a federally-insured or backed mortgage and you live in a special flood zone area (SFZA) as defined by FEMA, you will be required to purchase flood insurance. SFZAs are areas that have a 1% annual chance of flooding, which means over a quarter of residents who live in a SFZA will suffer flood damage within 30 years.
The best way to determine if you live in a flood zone is through FEMA’s Flood Map Service Center or Flood Factor®.
If your house is in an area that begins with the letter A or V, your house is located in a SFZA
If your house is in a zone with the designation of B, C, D, or X, you have a lower risk of flooding. However, that does not mean your house is completely safe—and it still may be a good idea to purchase this extra coverage. 
Key Takeaway You will be required to purchase flood insurance if you have a federally-backed loan and live in an A or V graded flood area as defined by FEMA. 

How much does flood insurance cost in Indiana?

Indiana’s average flood insurance cost is $1,111 per year, or $93 per month. Just over 1% of houses in Indiana currently have flood insurance coverage.
As compared with the national average cost of $739 per year, or $62 per month, Indiana tends to have higher premiums than other parts of the country.
The cost of your flood insurance is affected by several factors, so Indiana residents may see different prices for their specific policy premiums. 
Factors such as the size and cost of your home, the age of the structure, and the physical location of your house are considered by insurers when building your policy.

How to save money on flood and auto insurance in Indiana

There are several ways you can lower your monthly payments on flood insurance:
It’s also important to remember that your vehicles will not be covered by these flood insurance policies.
If you want to protect your car and are shopping for the right car insurance, Jerry can help. 
Jerry gathers your information from your past insurer, so you're not responsible for any long forms or phone calls. You’ll get to compare competitive quotes from top providers and can make an easy in-app switch. Basically, you get all of the savings and coverage, with none of the hassles. 
“I’ll keep this simple for you. They literally saved me $100 a month. Jerry is an amazing platform.” —Indiana L.
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