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Are You Insured For Water Damage From Spring Storms?
Spring is just around the corner, which means the severe weather outlook just got a lot more interesting. Of course the question you should be asking yourself as a homeowner is “Am I covered under insurance if my home floods as a result of these storms?” Well, you’ve got questions, we’ve got answers.
Does my standard homeowners or business policy provide coverage for flooding related damage? In a word, no. Nor will renters insurance or commercial or condominiums coverage take care of water damage due to flooding.
What is flood insurance? Flood insurance is designed to cover direct physical losses by floods, flood related erosion, severe rainstorms, flash flooding, hurricane or tropical storm damage, and snowmelt or ice runoff. Flood insurance is provided by the federal government under the National Flood Insurance Program.
Can this coverage be purchased through a regular agent? Yes, this may be purchased through your agent, just the same way that you would obtain any other type of coverage. The only difference is that you have to make sure that your community participates in the NFIP.
What is covered under a flood insurance policy? Building property and personal property are covered, and each must be purchased separately in order to obtain full coverage. Building property coverage takes care of damage related to the insured building and its foundation, the electrical and plumbing systems, central air conditioning equipment, furnaces and water heaters, refrigerators, cooking stoves and built-in appliances, such as dishwashers, permanently installed carpeting over an unfinished floor, permanently installed paneling, wallboard, bookcases and cabinets, detached garages (up to 10 percent of building property coverage), detached buildings (other than garages) require a separate building property policy, debris removal.
Personal property coverage generally covers curtains, personal belongings, including clothing, furniture and electrical equipment, portable and window air conditioners, carpets not included in building property coverage, washers and dryers, food freezers and their contents, certain valuable items such as original artwork and furs.
Does the price for coverage vary? No, flood insurance rates are established by the Federal Government, making price comparisons unnecessary.
When should I purchase flood insurance? There is a 30 day waiting period before a flood policy becomes effective, so the time would be now if you want to make sure that you are covered when the heavy rains start to fall.