Insurance Glossary

Flood Insurance

Property

Definition

Specialized insurance coverage for property damage caused by flooding, typically not covered by standard homeowners insurance.

Was this definition helpful?

Related Terms

Homeowners Insurance
Insurance coverage that protects your home and personal property against damage, theft, and liability claims.
Coverage
The scope of protection provided under an insurance policy, including the types of losses and risks that are covered.
Exclusion
Specific conditions, circumstances, or types of losses that are not covered by an insurance policy.
Accident Insurance
Insurance coverage for unforeseen bodily injury resulting from an accident.
Actual Cash Value
The repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation.
Depreciation
The decrease in value of property over time due to wear, tear, age, or obsolescence.
Replacement Cost
The cost to replace damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation.
Explore More