July 08, 2006
Flood Vs. homeowners insurance
You have heard the information by now that a standard homeowners insurance policy does not provide flood cover for your home. You need a separate flood policy and you need to check if you are in the flood zone and what your chances are for flooding even if you have not had floods for donkeys years.
However, standard homeowners insurance policy can provide coverage for many types of water damage to your home. As an active hurricane season is being predicted you need to know about all the insurance protection you can claim if your home gets flooded.
Examples: If torrential rain soaks the roof and thereby allow water to drip through your ceiling or attic is something that is covered by a standard homeowners policy. Similarly broken water pipes that flood your home are also covered and so do damaged windows that let in rain, which happened because of a hailstorm, cause flooding.
Homeowners can still buy flood insurance before the hurricane season gets into full swing - from late August through mid-September. But that still may not be enough time as federally sponsored flood insurance doesn’t go into effect until 30 days after it’s purchased.
It is generally believed by insurance experts that even if you’re not in a federally designated high-risk area, it’s worth considering flood insurance. If a property is in a high-risk flood zone, where there is a 1 percent annual chance of flooding, mortgage lenders typically require homebuyers to get flood insurance.
However, not everyone needs to buy flood insurance if you go about the check properly. Your need depends on several factors, including elevation of your home and how close you are to a body of water. You can find out whether your home is in a low-, moderate- or high-risk area by entering your property’s address at the Web site of the National Flood Insurance Program, www.floodsmart.gov.
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