flood insurance

Definition

A form of insurance coverage that protects a homeowner, business owner, or renter against damages caused to property from flooding. Flood insurance is usually not included with regular insurance plans. If an individual wishes to be covered against flooding, he/she would have to request it and pay an additional fee for the coverage. In some areas (those prone to flooding), flood insurance is required by most mortgage lenders.

Use flood insurance in a sentence

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Federal Emergency Management Agency (FEMA) multiple peril insurance