Should I get flood insurance?
The situations that cause flooding—heavy rain, severe coastal weather—happens very often. In fact, one in five flood insurance claims comes from someone in a low—or medium-risk area.
It’s important to know that flood damage isn’t typically covered by ers-insurance/">homeowners insurance. To get flood coverage, you need to buy a separate flood policy through the federal government’s National Flood Insurance Program (NFIP). A Misty Emmons Insurance agent can help you purchase an NFIP flood policy. Contact us today to get started.
For many homeowners, flood insurance is an essential extra layer of protection.
Adding flood insurance to your insurance package means you're covered if groundwater rises and floods your home—a situation that isn't usually covered by home policies.
Even a few inches of water can do significant damage — ruining walls and flooring, and even appliances such as a washer, water heater or furnace.
Read on to learn more about how flood insurance can help you protect your home and belongings from rising water.
Do I need flood insurance?
You should also know that flood insurance isn’t just for homes in high-risk areas. The Federal Emergency Management Agency (FEMA) reports that:
- Floods are the #1 natural disaster in the U.S.
- More than 20% of flood claims are in low-to-moderate risk regions
It’s important that you consider adding a flood insurance policy to your home protection package.
When should I get flood insurance?
Remember, flood insurance policies have a 30-day waiting period, so now is the time to make sure you are protected in the event of rising water. You should also review your wind and hail insurance deductibles. A Misty Emmons Insurance agent can help you ensure you have adequate protection. Contact us today to get started.
What does flood insurance cover?
Unlike most other insurance coverages, your flood insurance policy will cost you the same, no matter where you get it. (Good news if you prefer not to shop around!)
The reason flood insurance costs you the same is that it's a national program backed by the federal government (via the National Flood Insurance Program). So, however you buy it, it's ultimately coming from the same place.
So, what will a flood policy help protect? FEMA says you can purchase coverage to help protect your home, your personal belongings, or both. Here are some of the basics for these two types of coverage:
Building property coverage
- What it may help protect: The physical structure of your home and its foundation; plumbing and electrical systems; central air and heating systems; attached bookcases, cabinets and paneling; and a detached garage (other detached structures need their own policy).
- How it typically pays out: Replacement cost basis (what it would take to repair the home in today’s dollars) for a primary residence and actual cash value for a vacation home.
Personal contents coverage
- What it may help protect: Clothing, furniture and electronics; curtains; some portable appliances; freezers and the foods within them; and certain valuables like art (up to a specified limit).
- How it typically pays out: Actual cash value basis (takes depreciation into account).
What’s not typically covered by flood insurance?
It’s just as important to know what’s not covered by flood insurance. Here are some of the types of property and expenses that fall outside the scope of a basic flood insurance policy, according to the NFIP’s summary of coverage:
- Moisture or mold/mildew damage that “could have been avoided by the homeowner”
- Currency, precious metals and paper valuables like stock certificates
- Outdoor property such as decks, fences, patios, landscaping, wells and septic systems and hot tubs and pools
- Living expenses, like temporary housing
- Cars and other self-propelled vehicles