Flooding can ruin your house and endanger your financial future.
If your residence is a zone with a high risk for floods, flood insurance may be required by your lender. But the reality is that floods can take place anywhere, including outside of flood zones. Just one inch of flood water can cause $25,000 in damage. Most homeowners insurance policies do not cover flood damages, so flood insurance is essential.
Don't wait until the flood risk is approaching. Almost all flood insurance policies require a 30-day waiting period before the coverage begins. Special cases include if you've purchased a new house and the closing is in less than 30 days.
The NFIP defines a flood as a common and momentary state where two or more acres of usually dry land or two or more properties are inundated by water or mudflow.
Your policy is the best place to review your coverages, but a few common items covered by flood insurance are:
Flood insurance policies usually cover:
Take into consideration that personal property and structure coverages generally have deductibles and individual limits, so read the policy descriptions prudently. Our flood insurance advisers are glad to help.
The NFIP flood insurance contract does not provide coverage for things like:
This is not a complete list. You should read your policy contract to make sure you know what is and isn't covered. Our flood insurance counselors are also available to help you with questions.
