Flooding can cause major damage to your home. If you don’t have a flood insurance policy, you could be footing the bill for repairs to your flooded home. Flooding damage is generally excluded from homeowners insurance policies; this means homeowners will need a separate policy to cover the damages from such a natural disaster. Here’s what you need to know about flood insurance.
What Flood Insurance Covers
A flood insurance policy can provide protection against the associated repair or replacement expenses if your property is damaged or destroyed by a flood. Such a policy generally covers the following:
- Your home’s structure and foundation
- Electrical, plumbing, cooling and heating systems
- Detached buildings (e.g., garages and sheds)
- Personal belongings (e.g., furniture, clothing, electronics and appliances)
- Debris removal
Most insurance providers will allow you to choose between actual cash value coverage (the cost to replace items at their depreciated value) and replacement value coverage (the cost to replace items with new property, regardless of their current value). Be sure to consult a trusted insurance professional to determine which form of coverage is best for you.
What Flood Insurance Doesn’t Cover
Flood insurance isn’t all inclusive. Here are some instances that are excluded from flood insurance coverage:
- Flooding that occurs within your home, such as burst pipes or an overflowing toilet (these instances are often covered by homeowners insurance)
- Reimbursement for damage to trees, gardens and other landscaping
- Mold or mildew damage that could’ve been prevented
- The value of currency, stock certificates, precious metals and other valuable papers
When Flood Insurance Takes Effect
Your flood insurance policy won’t kick in right away. There’s a 30-day waiting period before it takes effect. So, don’t wait until an imminent flood has been predicted to run out and buy flood insurance. If you buy flood insurance now, you’ll be protected if a flood damages your home later on.
Let us help you protect your family and your possessions. Call Cowey Insurance Group for more information on flood insurance.