When it comes to protecting your home, having the right insurance and knowing what is covered by your home insurance is very important. However, one common misconception is that standard home insurance policies cover flood damage. Unfortunately, this is not the case. Flood insurance is a separate policy that must be purchased in addition to your home insurance to ensure you are fully protected.
Why Flood Insurance is Separate
Home insurance policies typically cover damage from events like fire, theft, wind, vandalism and certain natural disasters, but they exclude flood damage. Floods can cause extensive and costly damage, which is why they require a separate policy. This distinction is essential for homeowners to understand to avoid unexpected financial burdens after a flood.
What Qualifies as a Flood?
A flood is defined by the National Flood Insurance Program (NFIP) as a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow. Common causes of floods include:
- Heavy rainfall
- Overflowing rivers or streams
- Coastal storm surges
- Blocked drainage systems
- Rapid snowmelt
If any of these events lead to water flooding your home, it is considered a flood, and damages resulting from it would only be covered by a flood insurance policy.
Where to Purchase Flood Insurance
Flood insurance can be purchased through the NFIP or private insurance companies. Some home insurance companies do offer flood insurance, but not all. The NFIP, managed by the Federal Emergency Management Agency (FEMA), provides flood insurance to property owners in participating communities. Here are the steps to get flood insurance:
- Check Your Flood Risk: Visit the FEMA website or contact your insurance agent to determine if you live in a high-risk flood area. FEMA develops the National Flood zones. It are these flood zones that determine whether you are required to carry flood insurance or if you are in a high risk flood area.
- Contact Your Insurance Agent: Your existing home insurance agent can help you purchase a flood insurance policy through the NFIP or suggest private insurers that offer flood coverage.
- Evaluate Coverage Needs: Consider the value of your home and its contents to decide the appropriate level of coverage. NFIP policies typically offer coverage up to $250,000 for the building and $100,000 for contents.
- Purchase the Policy: Once you have chosen the coverage you need, your insurance agent will help you complete the application and purchase the policy. Keep in mind that there is usually a 30-day waiting period before the policy becomes effective, so plan ahead. There are exceptions to this 30 day waiting period such as the purchase of a new home.
Protect Your Home from Flood Damage
Understanding that flood insurance is not part of your standard home insurance is the first step in protecting your property. By purchasing a separate flood insurance policy, you can ensure that you are covered in the event of a flood and avoid significant financial losses.
If you have any questions about flood insurance or need assistance with purchasing a policy, feel free to contact us at Ameriguard Insurance at 763-767-0522 or info@ameri-guard.com. We are here to help you navigate your insurance needs and provide peace of mind for you and your family.