With the unfortunate storms and hurricanes we have experienced in the last month, we cannot help but talk about flood insurance, does it help, who can actually get it, and who needs it.

Let’s get the first question out of the way, Does my home Owners Insurance cover me if my home floods? Unfortunately no, a regular home owners policy does not cover against weather related flooding. This can cause confusion amongst everyone because there are several water related coverages on a policy. However, the simple answer is, water damage caused by water entering the home from an outside source such as lake or river is not covered under your regular policy. As a separate example, depending on your coverage, if a storm causes damage to a window or a roof and that causes water damage, then you are covered, but to re-iterate, if the water damage is from rising water entering your home due to flooding, that is not covered.

So what can you do? There are flood insurance policies available separate from your regular home policy. Majority of Flood Insurance is purchased via the NFIP (National Flood Insurance Program). This Program is highly regulated and prices are set by the program so there is no pricing adjustments etc. You can call 100 insurance agents and the quote for flood insurance should all be the exact same.

NFIP Insurance is regulated to flood maps. You can purchase this insurance if you reside within a flood map, that is not the same thing as a flood plain so you would have to talk to your insurance agent to see if your home is eligible.

If you are not eligible for NFIP, there are private flood policies that anyone can purchase, talking to your agent will give you the best options available.

How much does it cost? – Since NFIP regulates the pricing, you will not see adjustments unless you decide to purchase a policy from the private carriers. Pricing can range between $400-$600/year depending on the value of the home.

What about the water coverage on my regular Homeowners Policy? Check out our blog on water coverages to read more about what exactly these other coverages do cover.

Have more questions? Please feel free to reach out to us at anytime if you have questions about anything related to Flood insurance or anything else in your insurance policy.

Lifelong Insurance Agency

469-606-4590

info@lifelongins.com