What would you do if your home was damaged due to flooding? If your first instinct is to call your insurance company and report it, you may be out of luck. It’s essential to understand your home insurance coverage and why additional insurance may be necessary.
Why Homeowner’s Insurance Isn’t Enough
Homeowner’s insurance covers a wide variety of incidents. While every policy will vary, this type of insurance generally covers some water damage events such as burst pipes, faulty appliances, or leaking roofs, as long as they aren’t a result of lack of maintenance. Flooding, which happens when water covers land that isn’t usually submerged, is not covered by homeowner’s insurance, and supplemental flood insurance should be purchased.
What You Need to Know When Considering Flood Insurance
The most important thing to keep in mind when considering flood insurance is not to wait until it’s too late to sign up for coverage. Insurance companies usually put a hold on the policy for 30 days, and while there are a few exceptions to this rule, it’s best to plan ahead and not wait until a weather emergency is announced to obtain coverage.
All insurance companies will have slightly different options when it comes to flood insurance. Some have dwelling and contents coverage separate, so make sure you select all of the options you need.
Understanding the limitations of home insurance coverage is vital and can help you make an informed decision when considering flood insurance.