If your home is damaged from flooding rains, are you covered?
This article was shared with ECP from our very own Sam Rathbun, one of our leading waterproofing experts. Check back in the future for more articles from Sam and stay in the know on waterproofing problems and solutions.
Does your insurance cover damages caused by flooding rains to your home?
That all depends on if you took the flood insurance policy or not. Regular home insurance policies do not cover typical flooding’s. Should your roof get blown away and a monsoon hit your living room, you would be covered. How often does that happen? According to FEMA, one inch of water can cost upwards of $27,000 to repair and replace your possessions. According to the flood insurance program, the average residential flood claim in the U.S. is around $39,000. Don’t sweat it though, anyone can buy flood insurance! You do not have to live in a floodplain to buy it. The average price of flood insurance costs about $650.00. The most you can get from a federal flood insurance policy is $250,000 for the structure of your home and $100,000 for personal possessions.
If your home exceeds a $250,000 valuation, consider securing an extensive flood insurance policy from a private carrier to bridge the value gap. It Is also of note that standard flood insurance premiums do not cover additional living expenses. If you did need to stay somewhere else because of a flooding situation, you would need to cover that out of pocket. This is another reason that upping your premium with a private insurer is a good idea. They will typically cover around $7,500 for additional living expenses.
There is a 30-day waiting period once you add the insurance, so if you are thinking about adding it days before and upcoming storm or hurricane, it is not going to help you. Taking action to help prevent your home from flooding can also reduce your premiums. If you have an interior drainage system with a sump pump and battery backup unit, that should help reduce the overall cost.
Sources:
https://www.fema.gov/national-flood-insurance-program
https://www.bankrate.com/finance/insurance/flood-insurance-1.aspx