Flood insurance offers a range of options. Private flood insurance:

• Has rates of coverage higher than $250,000/$100,000 limits.
• Offers enhanced protection, especially for structures like garages and unattached buildings.
• May offer replacement value and loss of use coverages.
• Premiums may be less than for NFIP.
• Shorter wait times for policy to be in effect.
• May cover loss of business income.
• While private flood insurance can offer a great range of options, each homeowner’s situation must be carefully reviewed to review flood insurance carriers, homeowner location, property, and other factors to select the right coverage.

You will need flood insurance if you live in a designated flood zone. But flooding can also occur in inland areas and away from major rivers. Consider buying a flood insurance policy if your house could be flooded by melting snow, an overflowing creek or pond, or water running down a steep hill.

Flood insurance is available for renters and homeowners, but, like earthquake insurance, it is not part of standard homeowners coverage. Instead, flood policies are provided separately by the federal government and dozens of private insurers.

If you think you need flood insurance, don’t wait for a flood season warning on the evening news to buy a policy. There is a 30-day waiting period before the coverage takes effect for National Flood Insurance Program policies.