Flood insurance is available on coasts, and in the areas where it’s available, it’s becoming increasingly expensive.
The insurance that the National Flood Insurance Program provides, for instance, covers up to $250,000 in structural damage to a house and costs about $700 a year. Private policies instead cost thousands a year and have higher deductibles.
Some mortgage companies require homeowners to buy flood insurance policies or have force-placed insurance that mortgage holders purchase and charge to homeowners.
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