Do you live in an area that is prone to flooding and are told that you should have flood insurance? If so, you may be wondering why your basic homeowner's insurance doesn't cover this type of damage and what additional insurance actually covers. Here is what you need to know about flood insurance.
Standard Homeowner's Insurance Is Limited
Don't make the mistake of assuming that you are covered in a flood if you have standard homeowner's insurance. While you do have coverage in some situations, such as if a pipe were to burst in your home and there is water that causes damage, this is not the same as a flood. You may say that your basement flooded or that you had a flood in your home, but there is a big difference in terms of what your insurance company calls the incident and why they cover it.
Another example of a covered incident that has water damage would be if you had a damaged roof that caused water to come in. Since the water is entering through your roof, you will likely have coverage in this situation and be able to have your roof and the water damage repaired.
However, neglect over aspects of your home can also limit your coverage. If your roof was old age and naturally broke down, you may not be able to use insurance to pay for the roof itself. Damaged contents in your home could be replaced with insurance, but not the roof itself. The same applies to old water pipes and if you neglected to replace them over the years as they showed signs of wear and tear.
Flood Insurance Covers Qualifying Incidents
Flood insurance is designed to protect you when water enters your home when it is flowing over the ground. If a local river were to rise due to surging water, and that water reached your home, then flood insurance will have you covered. You'll also have coverage if it simply rained very hard and the local sewer system could not take on the water. As water levels rise from the street and eventually enter your home, you'll have protection with flood insurance.
Having a flood insurance policy may not cover water that enters your home through a sewer pipe though. This often requires a specific sewage backup policy, which is different from having flood insurance.
Reach out to an insurance agent for more information about flood insurance.
Share2 October 2020
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