What Every Homeowner Should Know About Flood Coverage

Weather forecasts for the Central Savannah River Area (CSRA) have projected significant rain amounts due to tropical storm Debby.  For those in Savannah and Charleston, which can flood even with regular rainfall amounts, warnings have been issued for possible historic flooding events.

Generally, most of the CSRA isn't considered a typically flood-prone area.  But as we recently saw in our local area, sudden heavy rain storms created flash floods in areas that weren't at all known for flooding.

Unusual events like this have homeowners questioning whether their homeowners insurance covers flooding from heavy rains.

What do you think - does a typical homeowners insurance policy cover water damage from storm flooding?

If you said "no," you're right.

Homeowners must have a specific flood insurance policy to cover water damage from flooding, even if their homes are not considered to be in a flood plain.
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Wondering if you should look into getting a flood policy?  Here are the key points you need to know:

Understand the Risk:

• Flood Zones: Check if your home is in a flood zone using FEMA’s Flood Map Service Center. Homes in high-risk areas are more likely to experience flooding.
• History of Flooding: Look into the history of flooding in your area to assess your risk.

Types of Flood Insurance:

• National Flood Insurance Program (NFIP): Most flood insurance policies are backed by the federal NFIP, which offers coverage up to certain limits. To purchase flood insurance through this program, your community must participate in the program and meet certain requirements for managing flood risk.
• Private Flood Insurance: If your community doesn't participate in the NFIP, you might  tap private insurers.  They may offer higher coverage limits and additional options not available through the NFIP.

What’s Covered:

• Building Property: Covers the structure and its foundation, electrical and plumbing systems, HVAC equipment, appliances, and flooring.
• Personal Property: Covers personal belongings such as furniture, electronics, clothing, and valuable items.

What’s Not Covered:

• Damage from moisture, mildew, or mold that could have been avoided by the property owner.
• Temporary living expenses, financial losses due to business interruption, and vehicle damage (which may be covered by auto insurance).

Costs and Premiums

• Rates: Premiums vary based on your home’s location, age, structure, and the level of coverage you choose.
• Deductibles: Choose a deductible that balances affordable premiums with manageable out-of-pocket costs in the event of a flood.

Waiting Period:

• NFIP policies typically have a 30-day waiting period before coverage takes effect, so plan ahead.

How to Buy Flood Insurance:

• Through an Agent: An independent insurance agent can help you compare NFIP and private policies, ensuring you get the best coverage for your needs.
• Directly from Insurers: Some insurers offer flood insurance directly, but working with an agent can provide more options and personalized advice.

Maintaining Coverage:

• Renew Annually: Keep track of your policy renewal dates to ensure continuous coverage.
• Update Your Policy: Notify your insurer about any home improvements or changes that may affect your coverage needs.

Why Use an Independent Insurance Agent?
An independent insurance agent can provide valuable guidance in selecting the right flood insurance policy. He has access to multiple insurers and can help you navigate complexities, ensuring you get comprehensive coverage tailored to your specific situation.
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Interested in a flood policy quote?  Call me today:  706-726-1446.