How to Get a Flood Insurance Policy in Ohio
Property owners in Ohio have two options for flood insurance policies. You can purchase private insurance, or you can get public insurance through the National Flood Insurance Program ( NFIP ). NFIP policies are sold through a private insurance agency, like private insurance, but are backed by the federal government.
Note that if you have a mortgage, your lender might require a specific kind of flood insurance, so check with your mortgage lender before you buy.
National Flood Insurance Program ( NFIP )
Many counties in Ohio participate in the National Flood Insurance Program ( NFIP ). This program is administered by FEMA and has been around for more than 50 years. It sells two kinds of flood insurance policies —one for the building and one for contents. NFIP policies come with up to $250,000 of building coverage and up to $100,000 of contents coverage.
NFIP policies have a waiting period of 30 days, so you can’t get an NFIP policy right before a big storm and be covered. You have to be proactive about buying flood insurance. Learn more about NFIP policies at floodsmart.gov.
Private Flood Insurance
Low- and moderate- risk areas will have private insurance options available. A private insurer can be a great option if you can find one because they tend to have coverage options above what NFIP offers.
For example, private insurers often have higher coverage limits—in some cases, you may be able to get up to $1 million in coverage. The cost is usually lower than NFIP insurance, although part of the reason for this is because private insurers can choose not to insure high-risk homes, whereas NFIP insures anyone in a participating area. In some places, the NFIP is the only option.
With a private insurer, you also might be able to get coverage for things NFIP doesn’t cover, like basement contents. Ask private insurance agents what their policies cover since this can vary between policies.