Flood insurance is coverage that pays for damages caused by a flood. It’s separate from your homeowner’s policy, which doesn’t cover flood damage. For insurance purposes, flood damage is caused by water from an outside source. A flood in your home caused by broken pipes isn’t considered a flood, at least not by flood insurance standards.
If your home is located near a coastal area or a flood zone, then you’ll want to consider this coverage. In fact, homeowners who live in official flood zones are required to carry this type of insurance if they have a federally backed mortgage.
Once you decide to purchase flood insurance, you’ll have to wait 30-days before the policy becomes active. This is to prevent an onslaught of homeowners buying coverage after they hear a hurricane or other storm is near.
Flood insurance covers a specific amount for your home and its contents. Your homeowners insurance should cover items such as stoves and refrigerators. But flood coverage will cover electronics, furs, jewelry and art that might become damaged during the flood. And things located outside your house and garage, like a pool, isn’t covered by this insurance.
Make sure you understand what your flood insurance policy covers. Speak with an insurance agent who can explain the details. Only then should you purchase a policy.
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