Flood Insurance – Do I Have It? Do I Need It?


Did you know that in the event that your home or personal property is damaged by flood, you might not be covered? Homeowners insurance policies, condominium owners insurance policies and renters insurance policies generally exclude damage caused by flood. Therefore, the first place to check to determine whether you are insured for flood is your insurance policy. Is damage due to flood expressly excluded? If it is, you may want to consider purchasing flood insurance with your homeowners insurance.

Flooding is the presence of water in areas that are normally dry and not covered by water. Flooding can occur in areas of the country that are particularly prone to certain natural disasters such as hurricanes. Certainly in those areas of the country, it is wise to consider purchasing flood insurance. However, floods can happen anywhere in the country. Perhaps you live near a river that could flood into your neighborhood. Or, perhaps your home is located at the base of a hill where water could drain into your basement in the event of a large rain storm. Or, perhaps the sewer could flood in a large storm, causing water intrusion into your home. For this reason, it is a good idea for everyone to consider purchasing flood insurance.

When considering purchasing flood coverage, you would need to determine whether you want coverage for your dwelling, your personal property or both. Remember, that flood coverage usually covers your dwelling and its contents below a certain level of your home. So, you wouldn’t necessarily need flood coverage for the contents of your third floor attic, but would want coverage for the items stored in your basement and crawl spaces, and your washer and dryer that are in your basement.

When shopping for homeowners insurance, condominium owners or renters insurance, it’s a good idea to consider whether you want to obtain coverage for damage caused by flood. Check the policy – is flood damage covered? If damage caused by flood is excluded by your policy, you will want to consider purchasing flood insurance, both for the dwelling itself (although not in the case of renters insurance) and for the personal property contained in your home, condominium or apartment.

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