Flooding And Homeowners Insurance Policies: Is Your House ...

Flooding is a major peril with which many homeowners have to cope. No one is spared the risk of having their homes damage by flood.

Those living in areas that are not close to bodies of water are at as much risk as those who do. Storms, hurricanes, inadequate and blocked drainage systems as well as melting snow are all factors that contribute to flooding. A few inches of water in your home can leave you with a massive repair bill. Here?s what you should know about flood insurance.

Flood Insurance Policies

Unlike lightning and hurricanes, floods are not automatically covered under most homeowners? policies. This means that even those not living in flood prone areas need to seek additional coverage to protect them against the eventuality of suffering flood damage. Flood insurance is a specialized policy, and is the only form of coverage you can obtain as protection against certain losses associated with flooding. Flood insurance policies carry a 30-day waiting period. It is therefore in your best interest that you not wait until you learn of imminent flooding before trying to obtain coverage.

Water-related damages to the home are covered by two basic policies, which are the flood insurance policy and homeowner?s insurance policy. When you take out your homeowners insurance, ensure that you check to see what losses are not covered and use the other policy to cover those. The contents of your home are not automatically covered with the building. Homeowners should use one policy to balance the other in order to obtain maximum coverage.

Making a Wise Move

The added cost associated with flood insurance is relatively small compared to that which you would have to find out of pocket to deal with the damages. It is therefore not worth it to run the risk of not insuring yourself against what could be a watery catastrophe. You can obtain accurate shop homeowners insurance quotes from HomeownersInsurance.com so you have a fair idea how much it would cost to insure your home and possessions against flooding. Knowledge of the potential losses you could be exposed to if your home is flooded will help you to make an informed decision on whether one or both policies can adequately protect your home.

Life After Reality

Sadly, many homeowners in New York and New Jersey whose homes were affected by storm surges during hurricane Sandy are entitled to small sums that are woefully inadequate to cover the damages they sustained. Homeowners insurance would more than likely cover flood damage that is a direct result of the winds and water coming from the sky. Damages caused from flood surges would not qualify. Without added protection, and no real knowledge of the coverage stipulated for flood damages in their homeowners? policy, many homeowners now have to face the reality of life with little coverage. Many feel betrayed and that they have been left out in the cold. They now have to basically start over on very meager resources.

Adam Vaught is an insurance rep who also blogs. He enjoys sharing his expertise with homeowners to help them make informed decisions.

Source: http://www.ericfinance.com/flooding-homeowners-insurance/

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