Is Flood Covered by Homeowners Insurance?
It might be hard to believe in February weather, but it won’t be long before the snow melts and the rivers rise. Winter is a good time to talk about the fact that your homeowners policy does not cover flood damage. For that, you will need flood insurance coverage!
That’s right, should your home suffer flood damage, it will not be covered under your homeowners policy!
Flood coverage may be purchased whether your home is situated in a “flood zone” or not. If your home is not located near a body of water you could experience flash flooding or damage from water-soaked soil. In fact, in a heavy rain season, 25% of all flood claims occur in low to moderate flood areas. Often, if you are financing a home in certain areas, the lender will require that you carry flood insurance.
Flood policies do not become effective immediately upon purchase. As a matter of fact, by law, there is a 30 day waiting period from the initial purchase of the flood policy before the policy becomes effective. The only exception to the 30-day rule is when a lender requires flood insurance as a condition of a loan.
The National Flood Insurance Program (NFIP), a division of FEMA, oversees the program. Flood Insurance is available in all communities that participate in the NFIP. To get the facts on flood coverage contact your F. A. Peabody Company agent.
So, make sure you’re covered when the snow melts and the rivers rise. Flood is not covered by your homeowners policy.
And remember you can buy flood insurance any time throughout the year, but planning ahead is best due to the 30 day waiting period for most policies.