Flood Insurance

If you live in an area that gets a lot of rain or snow, you have probably heard of flood insurance. If you own your own business or home, you have probably even considered purchasing flood insurance. But what exactly does flood insurance cover? And what doesn’t it cover? Read more to find out.

One of the most shocking facts about floods is that regular homeowners insurance does not cover flood and water damage. Even just one foot of water in your basement can cause significant damage that will be expensive to repair. This is why flood insurance is necessary.

If you purchase flood insurance, the coverage is quite extensive. Flood insurance will cover damages to the building you’ve insured and its utilities, which includes the wiring and plumbing, shelving and cabinets, and some appliances. Coverage also goes on to include most of your personal property, but most likely excludes more valuable items like art or jewelry.

If you purchase flood insurance, however, there are several things that it does not cover. Flood insurance does not cover lost money or any valuable documents. It does not cover any structure that exists outside of your home, such as a pool or a fence. Additionally, flood insurance usually does not pay for temporary housing while your home is being worked on.

Flood insurance is not for everyone. But if you live in an area that gets a lot of rain and/or snow, you will want to seriously consider purchasing flood insurance. Talk to your friends and neighbors and see if they have flood insurance. It could save you thousands of dollars if you purchase it before a large storm comes.