Resources > Glossary > Flood Insurance

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Flood Insurance

Function: noun

Definition 1:
Insurance that compensates for physical property damage resulting from flooding. It is a requirement for properties located in federally designated flood areas. Even a few inches of water can bring thousands of dollars in repair and restoration costs. Even if flood insurance is not required by your lender, it is highly recommended. Different types of policies are available depending on your flood risk. It should be noted that flood insurance rates have gotten much higher after hurricane Katrina's devistation in the gulf states.