Flood Insurance – Are You Covered?
Most Homeowner’s Insurance policies Do Not cover flood losses.
What is considered a flood? The National Flood Insurance Program defines a flood as excess of water on land that is normally dry, affecting two or more acres of land or two or more properties. This floodwater can come from any water source and would be covered, under a Flood Insurance policy, if it falls under the definition of flood. Other examples of flooding are:
- Overflow - of inland or tidal waters
- Runoff – area without sufficient drainage and receives heavy rainfall in a short period of time
- Mudflow – heavy or sustained rainfall accumulates on ground and forms a river of mud down a hillside
- Erosion – example: heavy storms producing waves and cause shoreline erosion
While reading this, you may be thinking to yourself, I am not in a flood zone so I do not need flood insurance. All properties are in a flood zone! Some properties are in a high-risk flood zone and others in a moderate or low risk. As a reminder the water does not need to come from a lake or river to qualify as a flood loss – it can come from any water source, as long as it meets the additional definition of a flood.
A Flood Insurance policy covers a building. Contents coverage is an optional endorsement that can be added to the policy. There are limitations on coverages included in a flood insurance policy and especially in a basement. We would encourage any homeowner to visit FloodSmart.gov to get valuable information in regards to flood insurance.
Flood Insurance policies where the property is in moderate or low risk flood zone can be very affordable! Please feel free to call the Briggs Agency at 219-769-4840 for a quote today!