Do Renters Need Flood Insurance?

Most renters insurance policies don’t cover flood damage, leaving renters responsible for paying to replace waterlogged personal belongings after a flood. But renters in most areas can purchase a contents-only flood insurance policy through the National Flood Insurance Program (NFIP).^[1] Some private insurers also offer flood insurance to renters.

Flood damage can occur in any part of the country, but renters who live in a flood zone are at an especially high risk. Here’s what you should know about what flood insurance covers, how to select a policy, and how much coverage costs on average.

Does renters insurance cover flooding?

A standard renters insurance policy doesn’t cover damage from flooding. Unless you purchase flood insurance, you won’t have coverage for your belongings if a sudden heavy rainfall or breached levee leads to water damage in your apartment.

Renters insurance covers damage to your personal property from the perils listed in your renters policy. It can also cover your legal costs if someone claims you or your family members are personally liable for damage to someone else’s property or an injury incurred on your property. Additionally, it can pay the extra cost of living elsewhere while your landlord repairs your apartment after a covered event.^[2]

The table below shows the risks included and excluded from a renters policy. Note that there may be slight differences between policies, so be sure to read the fine print.

What does flood insurance cover for renters?

Flood insurance coverage for renters can vary. For example, a contents-only flood insurance policy for renters through the NFIP doesn’t cover additional living expenses, but some renters flood insurance policies from private insurers may. Renters insurance from a private company can include additional living expenses coverage to help pay for temporary housing and meals if your apartment floods.

The NFIP contents-only flood policy covers up to $100,000 of the tenant’s personal belongings for units above the lowest elevated floor. The coverage helps repair or replace the following items:

• Clothing

• Furniture

• Bedding

• Rugs

• Electronics

• Kitchenware

• Books

Coverage under the NFIP policy will only pay up to $2,500 for valuables like artwork, collectibles, furs, jewelry, and personal property used for business. If you live below your building’s lowest elevated floor — like in a basement apartment — your NFIP policy will only cover your washer, dryer, freezer, and the food kept in the freezer.^[1]

Note that NFIP policies only reimburse you for the actual cash value of your items after depreciation rather than the replacement cost. Some private insurers may offer you a choice between actual cash value and replacement cost coverage.

How to get flood insurance as a renter

Renters can buy flood insurance through the NFIP or from a private flood insurance company. Here’s how to get flood insurance as a renter.

• 

  1. Check FEMA flood maps

  Look at FEMA flood maps to find out if your apartment is in a flood zone and estimate the risk of flooding. High-risk zones have a 1% or greater likelihood of flooding each year.^[3]

• 

  2. Determine your coverage needs

  Decide if actual cash value coverage for personal belongings — through NFIP coverage — is enough for you. If not, you may want replacement cost coverage and additional living expenses reimbursement coverage from a private insurer.

• 

  3. Get a few flood insurance quotes

  Compare premiums for the different types of coverage you’re considering and find an affordable policy that provides good value.

• 

  4. Buy a flood insurance policy

  Contact your insurance agent or purchase a policy directly by paying your premium online. Note that there’s a 30-day waiting period from the date of purchase before NFIP coverage takes effect. Some flood insurance policies from private insurance companies have shorter waiting periods.

Why flood insurance is important for renters in flood zones

Since a standard renters policy doesn’t cover flooding, tenants who don’t purchase flood insurance risk having to spend thousands of dollars replacing their essential personal belongings after a flood.

Flooding can happen in any area. About 99% of U.S. counties have had flooding over the last two decades, and more than 40% of NFIP claims come from areas outside the high-risk zones. But if you live in a high-risk flood zone, the likelihood of flooding in your apartment is significant. Throughout a 30-year period, properties in high-risk flood zones have about a 25% chance of flooding.^[4]

How much flood insurance costs for renters

Contents coverage for renters through the NFIP is very affordable, starting at around $100 annually.^[5] Your flood insurance premium will depend on several factors, including:

• The age of your building

• The occupancy of your building

• The number of floors in your building

• Where your belongings are

• Your building’s flood risk

• Your choice of deductible

Common misconceptions about flood insurance for renters

Renters often decline to buy flood insurance because they have certain misconceptions. Here are some common myths about flood coverage.

• “My landlord’s policy provides enough coverage.” While your landlord’s insurance covers the cost of repairing your building after a flood, the policy won’t cover your personal belongings.

• “My renters insurance policy covers flood damage.” A standard renters insurance policy may cover some causes of water damage, but it won’t cover damage from a flood.

• “I can rely on federal disaster assistance if my apartment floods.” Fewer than half of flooding events result in a designated federal disaster area, and disaster assistance typically comes in the form of a low-interest loan you need to repay.

• “Only homeowners can purchase flood insurance.” Renters can purchase contents-only flood insurance through the NFIP or a renters flood insurance policy from a private insurance company. These policies are more affordable than homeowner flood insurance.

• “My personal belongings aren’t valuable.” Even if you’re not a big spender, the total value of your items could add up to tens of thousands of dollars. Consider the cost to replace all the furniture, electronics, clothing, footwear, and sports equipment in your apartment.

• “My building or unit won’t flood.” Even if you don’t live in a high-risk area, your unit could flood. It’s important to understand the risk before you decide to forgo coverage.

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Tips for choosing the best flood insurance policy for renters

If you’re looking for a flood insurance policy as a renter, follow these tips to find the coverage that’s right for you:

• Compare policies from multiple private insurers and the NFIP. Compare coverage limits for your personal belongings — including sublimits for valuable items — and additional living expenses across policies. Take note of whether each policy offers actual cash value or replacement cost coverage, and compare waiting periods.

• Check each insurer’s customer satisfaction and financial strength ratings. The NFIP policy is a reputable option backed by the federal government, but it may not provide the coverage you need. When evaluating private insurance companies, check NAIC complaint ratings, AM Best financial strength ratings, and customer reviews on Trustpilot.

• Evaluate each insurance company’s claims process. Make sure the company you choose offers a convenient claims process with fast processing times. Find out what you’ll need to file a claim so you have your information prepared. For example, you may need to create a home inventory.

• Ask about exclusions and sublimits for certain items. Read the fine print to understand situations or items that your policy may not cover. If you have questions, contact your insurance agent or the company’s customer support team.

• Compare quotes to get the best value. Get quotes for a few different policies and choose the least expensive policy from a reputable company that offers the coverage you need.

Renters insurance with flood coverage FAQs