As we are approaching our average April rainfall total in one day, I’ve been asked – Does homeowners insurance cover a flood? The answer is unfortunately – NO. Homeowners insurance typically only covers water damage that originates from inside your property and not from poor drainage in your neighborhood or heavy downpour of rain that can’t be handled by the best of drainage systems.
Flood insurance is a different type of insurance policy separate from the homeowners policy. It is sometimes required by a lender depending on where a home lies in a flood zone per the FEMA flood map. If a home is required to have flood insurance as a part of a home mortgage, typically the coverage takes effect immediately at closing. Otherwise, if you already own your home, there is a 30 day waiting period before flood insurance goes into effect.
Some factors to consider if flood insurance is a wise investment for you.
- What is the orientation of your home in relation to your neighborhood drainage system? Are you on the top of a steep hill, or close to the drainage culvert in a flat area?
- Your FEMA flood zone- https://www.floodsmart.gov/floodsmart/pages/flooding_flood_risks/defining_flood_risks.jsp
- Do you have the ability to self-insure? For example, a minor flood damages 1/2 of your living room causing $3500 in damage. What about a big flood that could destroy your entire home?
If you’re unsure of where your home is at in a flood plain, let us know and I can show you a FEMA map and where your property lies on that map.
Call today for questions – 940-268-5112