Certain homeowners in Iowa may be legally required to purchase flood insurance. If you live in a FEMA-designated flood zone and have a federally-backed loan or if your house has received federal funds to repair flood damage in the past, you will need to purchase an additional flood insurance policy on top of your existing home insurance.
2008 brought historic rainfall to Iowa
, especially in the Iowa City area. Torrential downpours saw some homes flooded with over three feet of water, and many houses that were not even located in designated floodplains were damaged or destroyed. Unfortunately, the vast majority of these homeowners did not carry flood insurance and were not reimbursed because a typical home insurance policy does not cover damage caused by flooding.
Several studies by the Environmental Protection Agency
indicate that the rise in global temperatures will cause increased precipitation and heavier storms in the future. This means that the risk of flooding will only continue to increase. Whether you live in a flood plain, it may be a good idea to purchase flood insurance to protect your home and belongings from these dangers. Home and car insurance
super app Jerry
is here to tell you everything you need to know to help protect yourself in case of floods. What is flood insurance?
Flood insurance is a separate policy from your homeowners insurance that covers damages to your house and personal property resulting from natural floods.
So to cover yourself against flood-related claims, you must purchase a separate flood insurance policy for your home or apartment.
What does flood insurance cover?
Flood insurance covers damage to your personal property, the physical structure of your home, or both.
For the purposes of this policy, “flooding” is limited to an excess of water that covers land which is normally dry and affects more than two acres of property or more than two properties.
Flood insurance does not cover water damage from things like plumbing issues or man-made issues like a sewer backup.
A flood insurance policy is broken up into two parts, which you can purchase together or separately.
The first kind of flood insurance is building coverage. This covers damage done to the physical structure of your home and apartment. The second is contents coverage, which covers the personal items inside your home like jewelry, furniture, and electronics.
Typically flood insurance has a limit of $250,000 for building coverage and $100,000 for contents coverage, and you may be able to save money if you choose to have less coverage.
There are limitations to what flood insurance will and will not cover. Take a look below at a detailed list of what flood insurance protects:
| | |
|---|
| The physical structure of your home
Drywall
Plumbing
Electrical systems and wiring
Cabinetry
Permanent bookcases and panels
Flooring
Fixed carpets
Detached garages
Furnaces and other heating systems
Air Conditioning system
Fuel tanks
Solar panels | Detached structures that are not garages
Pools
Fences
Patios
Decks
Landscaping |
| Furniture
Electronics
Appliances and the food within
Washing machine and dryer
Clothing
Curtains
Art and others valuables | Cash or other currency
Any items stored in a basement
Papers |
MORE: Does home insurance cover flooded basements?
Do you need flood insurance in Iowa?
There are two specific situations that will require homeowners in Iowa to purchase flood insurance:
Your house is in a Federal Emergency Management Agency (FEMA)-designated flood zone and your home mortgage is federally insured.
Your house was previously flooded and was repaired with federal funds, regardless of whether the house is in a designated flood zone.
If either of these situations applies to you, you will need to purchase a flood insurance policy for your home.
The National Flood Insurance Program (NFIP)
is the federal program that manages flood insurance for homeowners who are in at-risk areas as determined by FEMA. The NFIP program will connect you with private insurers like Allstate
or Farmers
, who provide the actual policy. However, you do not need to live in a high-risk zone to buy flood insurance! In fact, over 40% of claims made through the NFIP are on homes in moderate- to low-risk areas, meaning buying flood insurance even when it’s not required is a great idea.
You must live in one of Iowa’s high-risk areas (check out this list
to see if you qualify) to purchase an NFIP-backed flood insurance policy. If your house is not covered by this list, 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 Iowa?
The best way to find out if you live in a flood zone is through FEMA’s Flood Map Service Center
or Flood Factor®
. This map breaks down each area of the country and provides letter grades for each zone based on the likelihood that it will be flooded. The most severe grades begin with A and V. Homes located in these zones have a 1% chance each year of flood risk (also called a ‘100-year zone’). Statistically, over a quarter of the houses in these zones will flood at least once every 30 years.
If you live in Iowa, reside in an A or V zone, and have a federally backed mortgage, you will need to purchase flood insurance. This is important to know for residents of high-risk areas like Council Bluffs, where nearly 11,000 houses are located in one of these zones.
On the other hand, flood zones graded B, C, D, or X have a lower (though still positive) risk of flood and aren’t required to purchase flood insurance coverage.
Key Takeaway Use FEMA’s Flood Map Service Center to find out if you live in a high-risk area—and even if you don’t, buying flood insurance still may be a good idea.
How much does flood insurance cost in Iowa?
Iowa’s average flood insurance premium of $1,143—or $95 per month—is higher than the national average cost of flood insurance, which is $739 per year.
However, not every Iowan will pay the same price. The cost of your premium will depend on many factors including the size and type of building you’re covering, the age of the property, and the coverage limits you set for your policy.
MORE: How to decipher home insurance quotes
How to save money on flood and auto insurance in Iowa
Here are some of the best ways to save yourself money on your flood insurance:
Move valuable items out of the basement, as they will not be covered if they are damaged in a flood
Apply for Hazard Mitigation Assistance
, which a community may apply for on behalf of the homeowners in their area Opt for a higher deductible
Submit an elevation certificate
to your insurance agent
Keep in mind that flood insurance doesn’t cover damage to cars.
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