Nerdy takeaways
- Renters insurance usually doesn't cover flood damage.
- Consider buying a separate flood insurance policy to cover your belongings.
- Flood insurance for renters can cost a few hundred dollars a year.
It's been pouring for hours outside your first-floor apartment. Suddenly, you look up and see water seeping under the front door. A disaster like this could cause thousands of dollars in damage, and renters insurance likely won't cover it. If your home is at risk, you might want to look into flood insurance for renters.
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Does renters insurance cover flood damage?
Most renters insurance policies won't pay for damage due to flooding. One exception is USAA, which does include flood coverage in its standard renters policy. However, USAA's policies are available only to active military, veterans, some federal workers and their families.
Note that your renters insurance may cover certain types of water damage. Say a windstorm knocks a tree through your window, letting in the rain. You’d likely have coverage for any damage to your stuff because most renters insurance policies pay for wind damage.
But they usually won't cover water damage from a river overflowing its banks, a hurricane-related storm surge or a flash flood due to heavy rain. For those scenarios, you'll need flood insurance for renters. Most people buy it through the National Flood Insurance Program, run by the Federal Emergency Management Agency.
🤓 Nerdy Tip
Private flood insurance may also be available, potentially with broader coverage. An independent insurance agent can help you find options in your area. Do you need renters flood insurance?
You can check your home's flood risk by entering your address into FEMA's Flood Map Service Center. If your home is in a zone that starts with the letters A or V, you're in a "special flood hazard area." That means your home has a 1% or higher chance of flooding in any given year.
Flood insurance is a smart idea for those renting a house or first-floor apartment in one of these zones.
Because FEMA’s maps can be outdated, it’s worth checking another source, too. We like FirstStreet.org, from a company that uses climate change data to assess flood risk.
🤓 Nerdy Tip
Not located in a special flood hazard area? That doesn't mean you're home free. Almost a third of NFIP claims come from policyholders who live outside the highest-risk flood zones. If you have belongings in a first-floor storage unit, you may want to consider insurance for them even if you live on an upper floor. What does renters flood insurance cover?
Renters can buy what's known as "contents coverage" from the NFIP. This type of policy pays for damage to the personal belongings inside your home. (Your landlord is responsible for covering the structure of the building.)
Contents coverage pays for flood damage to things like:
- Furniture.
- Clothing.
- Computers, phones and other electronics.
- Original artwork and other valuables up to $2,500.
- Washers, dryers and portable air conditioners.
- Other personal belongings.
You can buy up to $100,000 of coverage.
The NFIP covers your belongings on an actual cash value basis. That means that if you file a claim, you'll receive an amount equal to each item's value at the time of the flood. For older items that have lost value over time, you probably won’t get much of a payout. That could leave you without enough money to buy brand-new replacements for your lost items.
You may be able to find private flood insurance with replacement cost coverage for your belongings instead. With this option, you’ll receive enough of a claim payout to buy new items.
What's not covered?
Federal flood insurance has several exclusions that renters should know about.
Additional living expenses
An NFIP policy won't cover the cost of living elsewhere while your home is repaired after a flood. So if you need to stay in a hotel for a few nights or pay for restaurant meals while you're displaced, you'll have to cover those costs yourself.
Your car
Flood insurance won't help if you find your car up to its doors in floodwaters. But your auto policy could pay for the damage if you have comprehensive coverage.
Cash and valuable papers
If you've got stock certificates, money or other important documents in your home, flood insurance won't cover them. Consider keeping these items in an elevated, waterproof safe or a bank security deposit box.
Items in basements
NFIP flood insurance won't cover personal belongings in a basement, with very few exceptions. Certain appliances are covered, but furniture, electronics and most other belongings aren't.
This coverage gap poses a significant problem for renters living in basement apartments. Such units may have a high risk of flooding, but federal flood insurance won't provide much financial protection.
If you live in a basement apartment, you can try contacting an agent to see whether private flood insurance offers any better options. Otherwise, it may be wiser to build an emergency fund instead of buying flood insurance.
If a flood is expected in your area, FEMA recommends that basement renters move valuables to higher shelves to protect them. If possible, you can also take them out of your apartment altogether.
Get personalized quotes without the work
Let NerdWallet Insurance Experts compare quotes from popular carriers to find the right insurance coverage and rate for you. No guesswork — just expert, personalized help.
Get my quotes
NerdWallet Insurance Experts, LLC is a wholly owned subsidiary of NerdWallet.
Insurance Services offered through NerdWallet Insurance Experts, LLC (AZ resident license no. 3003649891).
How much coverage do you need?
Consider buying enough flood insurance to cover the value of all your personal belongings. To figure out the amount, try one of these home inventory apps. Remember to open drawers and closets to account for items that aren’t immediately visible.
🤓 Nerdy Tip
If you're in a multistory home and your budget is tight, make sure you have at least enough insurance to cover what's on the first floor. How much is flood insurance for renters?
Although the average cost of flood insurance in the U.S. is $976 per year, most renters will pay less. (That figure includes policies with building coverage, which renters don’t need.)
To give you an idea of how much you might pay, we got quotes for renters flood insurance from the NFIP in various states. Here’s a sample of what we found:
| Rental property | Coverage and deductible | Annual cost |
|---|---|---|
| 620-square-foot apartment in Miami |
| $335 |
| 1,000-square-foot apartment on Staten Island |
| $304 |
| 1,000-square-foot apartment in Houston |
| $346 |
| 1,400-square-foot townhouse near a river in Pennsylvania |
| $739 |
Your own rate will depend on how much coverage you need, the deductible you choose and the flood risk in your area. (A deductible is the amount of a claim you have to pay yourself.)
Learn more about the cost of flood insurance.
How to get flood insurance for renters
If you’re interested in flood insurance, contact the company that offers your auto or renters insurance. Many big providers such as Allstate, Farmers and Liberty Mutual sell NFIP policies.
All NFIP partners offer the same coverage and rates, so you don’t need to shop around with more than one of them. But if you’re considering private flood insurance, you’ll likely need to work with an independent agent to find options and get quotes in your area.
Buyer beware
Don’t put off buying flood insurance until you see a hurricane in the forecast. There's usually a 30-day waiting period between when you buy your policy and when your coverage takes effect.
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