Flood Insurance

Many people assume that buying general insurance on their property would cover them against all losses, but flooding is one event that is not usually covered unless you add special coverage to your policy. Floods are common in many areas, and they can be caused by everything from a bad storm to leaking pipes. The damage from even a small flood in your home can be substantial. Everything from the flooring and drywall to the doors, trim, electrical system and even furniture may need to be repaired or replaced. The damage can be much more significant if the flood waters rise several feet or higher into the home. If you want your home to be fully protected against this type of substantial damage, you should consider adding flood insurance to your coverage.


Flood insurance is optional for many people, so you must specifically request it to be added to your policy. However, there are instances when this type of coverage is required. For example, if your home is located in a high-risk flood zone, your mortgage lender may require you to obtain this coverage. It can make your premium increase substantially. Therefore, if it is an optional coverage, you should compare your risk of a flood against the cost of the coverage. You should also keep in mind that there may be limits regarding how many claims you can file against this type of coverage within a short period of time. In addition, this type of coverage may not cover all types of water-related losses. For example, there may be limitations regarding benefits for basement flooding. Your insurance representative can provide you with specific details about these limitations for the policy that you are purchasing.


Buying flood coverage for your property is an excellent way to protect yourself against a potential loss related to some types of water damage. Before you purchase this coverage, determine if your mortgage lender requires it and what those exact requirements are. In addition, analyze your risk factors related to flooding, and estimate what your possible losses may be. By taking these important steps, you can more easily protect yourself against flood-related losses while keeping your insurance premium as low as possible.

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