Mold damage after a flood and sewer backupsĪdditional resource: Check for more details of what is and what isn’t covered under flood insurance.Ĭoverage limits on policies sold through the National Flood Insurance Program cap out at $250,000 for a building and $100,000 for its contents.īut note that there are certain circumstances where something that might normally be covered isn’t - depending on how the flooding happens.įor example, sewer backup is covered only when it’s a direct result of flooding.Permanent carpeting over unfinished flooring.What Does Flood Insurance Cover?įlood insurance covers a lot of things, as we share in the chart below. The potentially extensive damage is already done. What you don’t want is to find out after a flood that you’re not covered under your home insurance policy. Here’s why: According to the NFIP, a single inch of floodwater in your home can cause $25,000 of damage to your property. To find out whether you live in a high-risk flood area, you can go to FEMA’s website and type in your street address.īut even if you live in an area with low or moderate flood risk, you may still want to buy a policy. You may wonder whether you really need a flood policy. But here’s the thing: Flood damage is typically not covered under your home insurance policy.Īnd if you live in a high-risk flood area and have a mortgage, your lender may require you to have a flood policy through FEMA’s National Flood Insurance Program (NFIP). How Long Does It Take to Get Flood Insurance?įlood insurance is a specialized policy that protects your home and belongings against damage from floodwaters.Here are five things you need to know about this important policy: Here’s What You Need to Know About Flood InsuranceĪccording to a 2018 survey from the Insurance Information Institute, an insurance industry association, only 15% of homeowners across the country said they had a flood policy. In this article, we’ll take a look at what flood insurance is, how much it costs to buy coverage and where you can buy a policy. But only about one in seven homeowners purchase this safety net. Flood insurance is an important policy for most homeowners to have.
0 kommentar(er)
