How Flood Insurance Coverage Works & Why You Need It
Flood insurance covers water damage to your house and belongings if the water comes from the ground up. This differs from water damage caused by hail or rain. Your homeowner’s insurance policy generally covers water damage from storm-related incidents, but it will not cover flood damage. To obtain flood insurance, you need a separate policy or a rider for your home insurance policy.
It’s important for homeowners and renters to get the insurance coverage they need. Even renters can get a flood insurance policy that covers their belongings. Our insurance agents can help you understand what your policy should include and get you the right coverage for your situation.
Home Insurance Doesn’t Cover Flood Damage
It’s a common misconception that your homeowner’s insurance will cover flood damage when it will not. Before insurance covers a claim, they will verify where the water damage originated. For damage caused by inclement weather, home insurance is the right coverage. But if the water seeps into your home from the ground below, it’s considered flood damage.
You don’t want to find out the hard way that home insurance doesn’t cover flood damage. If you live in a moderate or high-risk area for flooding, we recommend purchasing flood insurance. You don’t want to risk your home when you could protect it. But you can’t wait to get insurance coverage until you’re dealing with a flood. Your insurance policy must be in place at least 30 days prior.
There’s a 30-Day Waiting Period
Don’t wait until a flood is imminent to purchase flood insurance. In most cases, there’s a 30-day waiting period before coverage takes effect. Technically, you can purchase flood insurance anytime, but it just won’t protect you right away. We recommend getting that flood insurance policy now instead of waiting, because you never know when disaster strikes.
Why You Need Flood Insurance for Low-Risk Areas
Did you know that flooding causes the most damage to American homes? Flooding has caused more financial property damage than any other natural disaster, including hurricanes. The scary part is that 40% of all claims don’t even come from high-risk flood areas. This means your house can get flooded even if you live in a low-to-moderate risk zone.
For homes in areas with minimal flood risk, there are low-cost policies available for flood insurance. These can provide you peace of mind when something happens, and they’re very affordable. Flood insurance is the best way to protect your house and belongings from flood damage and provide that peace of mind you deserve.