Owning a homeowner’s insurance policy is great! In most cases, it protects against things like theft, liability accidents at your home, and instances of weather damage. However, one of the things most home insurance policies do not protect against is flooding caused by naturally rising water. The only surefire way to protect against a flood of this type is to obtain a separate Flood Insurance policy.
Sadly, many homeowners find out about this the hard way. It happens almost every year. A flash flood will hit during monsoon season and water finds its way into a home. Surprisingly, any standing water measuring over a half an inch can cause a lot of damage. Baseboards and drywall are ruined, flooring needs to be replaced, and dangerous mold can build up. The cost to repair these items is high.
Homeowners who experience this expect to file a claim through their homeowner’s insurance to begin the restoration process. The problem is, their policy does not cover against this type of flood. As a result, they are left trying to pay for damages on their own.
A “flood” your policy WILL cover
If a water heater or pipe underneath a sink were to break, water damage or a flood could ensue. The good news is, most homeowner’s insurance policies cover against this kind of issue. Another flood that most policies cover is from wind. If there is a storm that blows hard enough to knock over a tree, causing it to land on and break a roof, and rainwater comes into the home through the break–-it could cause a flood or water damage. This is also covered on most homeowner’s insurance policies because wind was the cause of the flood. Wind is a covered peril.
A “flood” your policy does NOT cover
As mentioned in the example above, a flood caused by naturally rising water is rarely covered. Excessive rain or poor drainage after a storm can cause flooding that is not covered.
Do you need to have flood insurance? This depends on what you want to protect your home against. If you want to have defenses against naturally rising water, we recommend purchasing a flood insurance policy in addition to your existing homeowner’s insurance.
Interested in a flood insurance quote? Schedule time to talk with our Insurance Advisor below, we would be happy to help!
Brandon Ream. He would be happy to help you review your insurance to discuss if adding a flood insurance policy is best for you.