You have homeowners insurance so surely, if anything happens to your house, you’re covered, right? Not always. Some homeowners get flood insurance as an extra piece of coverage because they know just how damaging something as simple as water can be. There are a lot of misconceptions out there about flood insurance, however. Here are a few myths dispelled to help you discover the truth.
Myth 1: You Have To Live In A Flood Plain
If you live in a flood plain, your lender might require you to have flood insurance. However, you can buy it even if you live nice and high, above the flood zones. Anyone’s home can have a flood because all homes have plumbing, right? All homes are at risk, though only some pose the risk because of flood water coming in from outside.
Myth 2: Flood Insurance Covers Everything
As is true with any policy, flood insurance only covers certain things. You will want to be sure you read through the policy you choose with care to ensure that you get the right fit for your home. Flood insurance, for example, doesn’t generally cover living expenses if you have to relocate somewhere else while you fix your home.
Myth 3: Homeowners Policies Cover Floors
You might think that your homeowners policy covers you in the event of a flood, but that’s not the case. Typically, these policies don’t cover earthquakes or floods so you will need a separate policy if you want coverage for those items. There is also generally a waiting period before the policies kick in so buy them in advance, well before a storm hits or plumbing goes bad.
Myth 4: Water Damage Is All The Same
Insurance policies can be complicated and not all water damage is seen as the same. If you have a storm in your area and your roof is damaged, causing your home to take on water, that type of water damage is covered under your normal homeowners insurance policy. However, if a river overflows and your home floods, that’s different. Flood damage and storm damage are often two different things that homeowners need to understand to get ahold of the right policies.
Myth 5: Flood Maps Never Change
Once a floodplain, always a floodplain, right? Not necessarily. Flood plans and maps change and evolve over the years so just because you weren’t in one when you bought your home doesn’t mean you aren’t in one today. Check up on the maps every few years to see if you want to consider coverage once you’re classified as in a flood zone.
Getting Flood Insurance Details
If you aren’t sure whether or not you need flood insurance, get peace of mind about the coverage you have by talking with the experts at Nickerson Insurance Services. No one wants to be in the position of wishing they had taken action sooner so they could prevent a huge mess on their hands without the financial backing insurance provides.