The very first thing you need to know about flood insurance is that it is not included in a standard homeowners insurance policy.
Sometimes a property is in a flood zone and a lender requires flood insurance. Perhaps the flood maps in your area have changed and your property (or part of it) has been mapped into a flood zone. We can help with flood insurance as well as share some resources to help answer questions about the new map.
But also consider that for the purposes of insurance, flood losses include those resulting from water overflowing rivers or streams, heavy or prolonged rain, storm surge, snow melt, blocked storm drainage systems, broken dams or levees or other similar causes.
Flood insurance is complicated. It’s expensive only sometimes. Each case is as unique as the property to be covered, which is why it’s best to talk with your insurance agent. National Flood Insurance Program insurance can be purchased only with the help of an appointed insurance agent. We can help.
We can run a flood zone determination and a flood insurance quote. There is no charge for this. Even if your property isn’t on the coast, or a lake or a pond, it’s worth your time.
Floods and flash floods happen in all 50 states. Last year, one-third of all claims paid by the National Flood Insurance Program were for policies in low-risk communities. Here are some other things you should know about floods and flood insurance.
- Just an inch of water can cause costly damage to your property.
- A car can easily be carried away by just 2 feet of flood water.
- New land development can increase flood risk, especially if the construction changes natural runoff paths.
- Federal disaster assistance is usually a loan that must be paid back with interest.
For more policy and claim statistics, visit the National Flood Insurance Program
Water in the basement is often not a “flood”
Note that many times water in your basement will not be a covered loss under a flood policy. A flood is defined as a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder’s property) from overflow of inland or tidal waters, unusual and rapid accumulation or runoff of surface waters from any source, or mudflow.
If your loss is caused by a flood, and the flood is the proximate cause of the backup or seepage into your basement, your NFIP policy will cover many of your most critical items in the basement, like central air conditioners, drywall, electrical junctions, circuit breakers and switches, fuel tanks, furnaces, hot water heaters, sump pumps and more.