Word-Of-the-Day Flood Insurance

    Insurance offered by private companies and subsidized by the federal government, designed to provide coverage from floods or tidal waves. Primary and secondary lending institutions regulated by the federal government require flood insurance or any financed property located with certain flood-prone areas identified by the Federal Management Agency (FEMA)

    The most common flood insurance is offered through the federally regulated program known as the

    National Flood Insurance Program (NFIP).

    It has two policies:

    One that covers your actual home (building property) up to $250,000

    One that covers your personal property up to $100,000

    You can buy one or both.

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