Flooding causes more than 90 percent of all disaster-related property damage in the United States but most homeowner policies do not cover flood damage. Because of this, homeowners need flood insurance -- a special policy backed by the federal government, with cooperation from local communities and private insurance companies.
Your home is your most valuable asset, but a broken pipe, downed tree, or neighbor falling on the stairs could result in a financial fiasco if your insurance doesn’t cover it. Look closely at your homeowner’s policy to make sure your home’s covered for all it’s worth.
The price you pay for your homeowners insurance can vary by hundreds of dollars depending on a number of factors, including the company you buy your policy from.
This guide, created by the U.S. Department of Housing and Urban Development, explains mortgage options, fees, payments, insurance programs and other helpful information on government-sponsored home ownership programs.
Common Insurance Questions Asked by Homeowners