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According to FEMA and the National Flood Insurance Program (NFIP) floods are the most common natural disaster in the US and they happen everywhere. In fact, FEMA says about 20% of flood claims come from areas with low-to-moderate flood risk.
Since standard homeowners insurance doesn’t cover damage caused by flooding, it’s a good idea to buy separate insurance associated with tropical storms, torrential rain, and overflowing rivers. And if you have a mortgage and live in a high-risk flood zone, your lender will require you to have flood insurance on your home.
What is Covered with Flood Insurance?
Flood insurance covers damage to your home and personal belongings directly caused by a flood. Below is a look at what’s covered.
- Damage to your home’s structure including its foundation, electrical, and plumbing system.
- Damaged appliances including dishwashers, ACs, furnaces, and water heaters.
- Damaged personal property like electronics, clothing, and furniture
- Foundation walls, anchorage systems, and staircases
- Carpeting not already included in property coverage
- Window treatments
- Permanently installed paneling, wallboards, bookcases and cabinets
- Detached garage used for limited storage or parking
- Certain valuables
- Spoiled refrigerator food
- Debris removal
Keep in mind, this type of insurance typically requires a 30-day waiting period before the policy becomes effective.
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What Does Flood Insurance Not Cover?
Flood policies do not cover:
- Damage to your vehicle. If your car suffers damage caused by a flood, comprehensive car insurance pays for the repairs.
- Damage to outdoor properties including docks, swimming pools, or landscaping.
- Belongings you have stored in the basement.
- Damage caused by earth movement, even if that movement is caused by the flood.
- Loss of use or access to the insured property
- Financial losses caused by business interruption
- Currency, precious metals, and valuable papers such as stock certificates.
- Additional living expenses like food and hotels if you have to leave your home.
Also worth noting, if you have other structures on your property, like a detached guest house, you’ll need to have a separate flood policy for it.
Does My Homeowners’ Policy Cover Flood Damage?
No, standard homeowners insurance typically does not cover flood damage. It will cover some damage from rain, but if your home is filled with water as a result of rising of lakes, rivers, streams or the ocean, it will not cover you. If you do not have flood insurance and are hit by a flood, the damage can be costly. Renters are entitled to insurance too. If you live on the first floor or in a below-ground apartment this can be particularly worthwhile.
What is the Average Cost of Flood Insurance?
The cost of a flood policy is based on how much insurance you need and what flood zone your home is located in. While the NFIP does not offer payment plans, you are able to charge the cost of your insurance to a credit card.
How Do I Get Flood Insurance?
If you’re interested in finding the best rate for adding flood insurance to your policy, contact Signature Insurance Group today for a free customized quote! Whether or not you are in a high-risk area, it is important to have the insurance you need in case of a disaster. Our agents are standing by and ready to discuss your insurance needs.Back to Homeowners Insurance
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