Understanding homeowner insurance and flooding

Many homeowners believe that their homes are completely protected from all sorts of damages once they have secured a policy. That would be the case in an ideal world; but it is unfortunately not so. Of course, no one bothers reading the hundreds of pages that are included in the policy, but one thing you should be sure about is what is covered and what is not in your policy.

Many homeowners learn the hard way that their homeowner’s insurance policy doesn’t really cover flooding. If you live near a potentially affected area which could include anything from a home on the coast, you should probably buy a flood insurance policy to cover your home and everything within.

Why Is Flooding Not Covered In A Standard Homeowner’s Policy?

This is one thing that many homeowners don’t understand. Insurance companies categorize water and flood damage separately. Water damage may include leakages from pipes, air conditioning or from other appliances. On the other hand, flooding covers any damage caused due to natural floods.

Where Can You Find Flood Insurance?

You can purchase flood insurance from your agent or broker. You can also contact us at SOS Insurance for a completely affordable solution to protecting your home from flooding damage. The interactive platform on our website connects you to a broker who can then look up the most suitable flooding insurance policy according to your needs.

What Does Flood Insurance Cover?

Flood insurance basically covers two things:

  • Content of your home: In case of a flood, your property inside your home will probably be damaged. Having flood insurance policy means that you will be paid hard cash for all the damaged contents of your home. The amount is not the most generous but it is supposed to be a cost of replacing the damaged items on the basis of its actual price and depreciated value.
  • Property coverage: If you plan on insuring a single family home that is your primary/residence, you can go for replacement cost coverage. This is the cost to replace the lost property with a new one without any depreciation costs. You might be able to secure an available coverage that insures you for 80% of the full replacement cost.

Now that you know that your homeowner’s policy doesn’t cover any flooding damage, be sure you secure a flooding insurance policy as soon as possible. Get a free quote today, or contact us for more information!