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Flood Insurance: What Does It Cover?

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With the recent surge of hurricane activity sweeping the nation, one of the top things on homeowners’ radars is flood insurance. Water intrusion can destroy your home.

According to USA Today,

About 80% of the Hurricane Harvey victims did not have flood insurance.

With billions of dollars in damages, homeowner victims are devastated. But what exactly does flood insurance cover? Do I need it? Is it really a life-jacket for the tsunami of repair costs that follow a flooding? Let me assure you, water damage is not something you want to take on alone!

Flood Insurance Breakdown

A first time home buyer should think about a lot of things and sometimes one of those things is getting flood insurance if they are looking buy a home in a Special Hazard Flood Area or high-risk zone. Be sure to ask around in the potential neighborhood whether they have ever experienced a history of flooding.

Should your home and the contents within go underwater, these are the areas that a flood insurance plan typically takes care of. You can get a third party flood insurance policy or try a NFIP or National Flood Insurance Program. The NFIP is a federal program run by FEMA.

Let’s explore some facts on flood insurance inclusions.

 

Essential Components and Home Systems

The lifeblood of modern homes is the electrical, plumbing, and HVAC systems. If water damage were to occur, a flood insurance plan would cover the repair costs for these home essentials.

 

Standard Appliances

Appliances are another significant investment that comes with homeownership. These, in essence, make home life easier. Fortunately, big-ticket items like refrigerators, stoves, dishwashers and even washers and dryers are covered by flood insurance, too.

 

The Home’s Infrastructure

When a home’s infrastructure is damaged by flood or excess water, a flood insurance plan covers walls, ceilings, garages, stairways, and other foundational frames. Additionally, a flood insurance policy underwrites fittings, such as carpeting and other flooring installations or built-in woodwork, such as cabinets, for example.

 

Personal Property

If your home is flooded, would you have to start over again from scratch and work tirelessly to buy new furniture, clothing, or electronic devices? Homeowners can rest easy knowing that these can all be replaced by a flood insurance policy, with certain exemptions listed below.

 

Secondary or Indirect Flooding

Whether you’re a first time or long-time homeowner, it’s natural to be concerned about water damage, including those that happen indirectly. Think a neighbor’s pool overflowing into your home, for example, or a broken public sewer line that reroutes to your property. In these instances, flood insurance does protect your hard-earned investment.

 

What’s Not Covered By Flood Insurance?

While flood insurance adds an extra layer of security against water damage, there are some exceptions to the rule. For example, if valuables are damaged in a basement, the plan will not reimburse this loss.

Moreover, there are limits to how much a federal flood insurance carrier will pay. The maximum reimbursement for building repairs is commonly set at $250,000. The home’s contents, also, are usually maxed out at $100,000.

Things that should be stored in a safe deposit box or bank are not covered, like cash, stock certificates, precious metals or things related to the landscape are not covered.

And the punch line: temporary housing, cars, loss of income, backed up sewer lines and post-flood mold issues are also not covered by a federal policy.

 

Water Damage Prevention And Protection Is On You

When you buy a home, one of the prerequisites by most lenders is homeowner’s insurance. These standard plans, however, do not cover damage caused by leaks or floods.

Flood insurance, therefore, provides an extra layer of security when sudden floods occur. With a flood insurance plan in place, homeowners can breathe a sigh of relief when a disaster strikes.

One of the primary responsibilities that come with homeownership is upkeep. By putting a maintenance plan in action, homeowners can stop a minor leak in its tracks before it breaks loose.

Should floods happen that are beyond your control, a specific insurance plan can help you rebuild faster and without the worries of total out of pocket repair costs.

We recommend that all homeowners book a waterproofing inspection at least once or twice per year to pinpoint leaks and make quick amends.

Not only do we provide leak detection and waterproofing services, we also are a homeowners advocate.

Don’t risk your investment – contact our Dallas based waterproofing company to get a detailed evaluation of potential leaks.

 


 

Resources:

https://www.houselogic.com/finances-taxes/home-insurance/what-does-flood-insurance-cover/
https://www.consumerreports.org/flood-insurance/what-flood-insurance-does-and-does-not-cover/
https://www.fema.gov/news-release/2017/08/25/what-does-flood-insurance-cover-basement
https://www.allstate.com/tools-and-resources/home-insurance/flood-insurance-101.aspx
https://www.libertymutual.com/flood-insurance/flood-insurance-faqs

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