The answer is Yes to both. You can get flood insurance if you are renting an apartment. And Yes, if you own an apartment building, you can and should get flood insurance to cover your investment and assets. 

The difference in flood insurance for an apartment is if you are renting or the owner of the building. 

First, let’s address if you are renting and you want to cover your contents with a flood insurance policy. So far, the only option for this situation is with the NFIP renter flood insurance policy to cover your personal property and contents if there is a flooding event. You need to consider if your apartment is in the basement of the building; there isn’t any coverage for contents. 

A renters flood insurance policy can provide up to $100,000 in coverage for belongings damaged by flood. This can help pay to replace items like furniture, electronics, and clothing owned by the renter. 

To access the NFIP policy, the community where your home is located must be eligible to participate in the program. FEMA maintains the list. It is here.

The cost of flood insurance can vary based on a few factors, the age of the building, how many stories the building has, and where your unit is located. The other factors are the amount of coverage and your deductible. 

A renters flood policy doesn’t cover any damage to the rented home. The Landlord would need to have their own flood insurance policy for the physical structure of their rental property.

If you own the building, Flood Insurance for an apartment will be written on a commercial flood insurance policy. This commercial flood insurance policy will protect your building from physical damage caused by a flood. It is also good to know that your standard commercial insurance policy excludes flooding as something it will cover, so you will need a stand-alone flood insurance policy for your apartment building. 

If you have a loan, then your lender will likely require the purchase of a flood insurance policy due to your loan amount. If you find that the best price for commercial flood insurance is with the NFIP. The maximum coverage you can get is $500,000 building and $500,000 for contents. Some lenders require more, and some require a loss of income. These are special types of quotes, and we flood nerds know them, so if you need more coverage or just want to ensure you are getting the best price for your flood insurance, it is a good idea to ask us to shop for your flood insurance. Just fill out our online form, which is here. 

Private flood insurance for an apartment building is some of the best rates we are seeing; this type of policy isn’t written by the government and frequently is written by Lloyd’s of London flood insurance. 

The most exciting factor of this insurance is that it can cover a much higher risk than the limiting cap the NFIP policy has. Speak to your flood nerd to get the insurance you need for your investment.