- Private Flood Insurance covers your home and belongings from damage caused by outside flooding. But what makes it different from FEMA flood insurance is that policies aren’t backed by the federal government. The insurance company is responsible for managing its own risk and paying out claims.
- While it only accounts for around 5% of the residential flood insurance market, the number of people turning to private flood insurance instead of the government program appears to be on the upswing. In fact, private flood insurance premiums grew 71% from 2016 to 2018, and 15 states experienced over 100% growth in premiums during that span. [2]
