The Myth: Homeowners Insurance Covers My Home From All Damage
Flood insurance is one of the more commonly misunderstood insurance coverages. Many homeowners assume that if they have a homeowner’s insurance policy, then they’re covered from all water damage that could occur to their home. This is not true. Flood insurance is not typically included in standard home insurance policies – it requires a separate policy altogether.
Where Can Flood Insurance Be Purchased From?
Most places you purchase home insurance from will also offer you an option for flood insurance. Flood insurance can be purchased easily from your local independent insurance agent – including us!
Is Flood Insurance Expensive?
Flood insurance prices will vary depending on many factors. Those factors can include:
- Value of your home
- Location of your home (is it likely to flood – near rivers, streams, swamps etc.)
- Primary or secondary residences
- Basements
- & more.
If you want to get a general idea, we can quickly provide you with a quote or you can go to FEMAs website and look up your home address and assess your risk. The quickest way to understand your risk and get a quote would be to contact our agency.
Doesn’t FEMA Cover My Flood Loss?
In order for FEMA to step in and help, the President of the United States must declare a FEMA emergency. This is done in roughly 50 percent of major floods (according to FEMA.GOV). Even then, the assistance provided is a low interest loan that needs to be repaid. This is not free money given out.
A Pipe Broke In My House, Do I need Flood Insurance?
No. A broken pipe in your home is not what flood insurance is for. This would be covered by your standard home insurance policy.
My Sewer Backed Up Into My Home, Is This Flood Insurance?
No, unless the sewer backed up clearly because of a flood and rising flood waters. There is a coverage available called Water & Sewer Backup coverage. You may ask your agent about this and what it covers.
How Fire & Water Can Create Floods
Do you live in or have property located in an area that recently had wildfires? Trees suck up so much water when they are alive. If these trees die off, this creates excess runoff in areas not typically prone to flooding. This can increase your chances of being involved in a flood.
Only you can decide whether having flood insurance is right for you. While it is mostly optional (unless you live in a high flood prone area and your mortgage carrier requires it), it may help save you thousands of dollars in expenses.
Call us today to run a no obligation quote for you. We can quickly produce numbers for you so you can decide whether or not flood insurance is the right choice for you.